Wellgreen Platinum to raise $10 mln in equity from Electrum Group
Canadian mining company Wellgreen Platinum Ltd (TSX: WG) has launched a $12.1 million private placement. In connection to the deal, the company has agreed to receive a $10 million equity investment from Electrum Strategic Opportunities Fund, a private equity fund managed by U.S. investment firm Electrum Group. As a result of the deal, Electrum will own a 26.9 percent equity interest in Wellgreen, or a 40.6 percent interest if all related warrants are exercised, and have the right to nominate two individuals to the board of directors. Vancouver-based Wellgreen, which has also been backed by Resource Capital Funds, said it will use the new funds to further develop its Yukon nickel project.
10 March 2016•7 mins read
