Canadian mining and exploration company Wellgreen Platinum Ltd has secured $8.73 million in funding. The investors included Resource Capital Funds and Alverstoke Group.
VANCOUVER, Nov. 10, 2015 /PRNewswire/ – Wellgreen Platinum Ltd. (“Wellgreen Platinum” or the “Company”) (TSX: WG; OTC-QX: WGPLF) is pleased to announce that it has closed the previously announced US$8.73 million (approximately C$11.4 million1) financing package with investors including Resource Capital Fund VI L.P. (“RCF”) and Australind Limited (“Australind”), an affiliate of Alverstoke Group LLC (“Alverstoke”).
With these funds in place the Company has initiated field activities on its second phase exploration drill program at its flagship Wellgreen PGM & Nickel project in Canada’s Yukon Territory, and will be undertaking a comprehensive metallurgical testing program starting in Q1 2016 as part of its pre-feasibility level studies on the project.
About Resource Capital Funds
Resource Capital Funds (“RCF”) is a private equity firm established in 1998 with a mining sector specific investment mandate spanning all hard mineral commodities and geographic regions. Since inception, RCF has supported 142 mining companies, with projects located in 45 countries and across 29 commodities. RCF is currently investing its sixth fund with committed capital of $2.04 billion. Further information about RCF can be found on its website (www.resourcecapitalfunds.com).
RCF has a strong team of technically diverse investment professionals, with wide ranging industry expertise and demonstrated history of investments in mining globally. RCF’s track record is based on its ability to pick technically and commercially compelling assets and support management to achieve desired outcomes whilst remaining throughout a source of patient capital. RCF aims to partner with companies to build strong, successful and sustainable businesses and in doing so strives to earn superior returns for all shareholders.
About Alverstoke Group
Alverstoke Group is a private investment firm founded in 2003 and based in New York which, together with its affiliates, engages in diverse investment activities globally including privately negotiated investments in entrepreneurial businesses in the resource and other sectors.
About Wellgreen Platinum
Wellgreen Platinum is a Canadian mining exploration and development company focused on the active advancement of its 100% owned Wellgreen platinum group metals (PGM) and nickel project. Located in the Yukon Territory of Canada, the 2015 Preliminary Economic Assessment demonstrated that the Wellgreen PGM and nickel project has the potential to become a large, low cost, open pit producer of platinum, palladium, gold, nickel, and copper. The Wellgreen property is accessible from the paved Alaska Highway, which leads to year-round deep sea ports in southern Alaska.
The Company is led by a management team with a track record of successful large-scale project discovery, development, financing and operation. Our vision is to create value for our shareholders through development of the Wellgreen deposit into a leading North American PGM and nickel producer.
1At US$/C$ exchange rate of 1.3060 using Bloomberg 5 p.m. FX fix on November 3, 2015.