Wolverine Announces Acquisition of Option to Acquire 21 Yukon Gold Properties, Closing of Private Placement and Filing of Techni
14 Dezember 2010 - 10:00PM
Marketwired
WOLVERINE MINERALS CORP. ("Wolverine" or the "Company") (TSX
VENTURE: WLV)(FRANKFURT: 4LP) is pleased to announce that, further
to its news release of September 16, 2010, it has completed its
acquisition of an option to acquire a 100% interest in 21 Yukon
gold prospects (collectively, the "Properties") owned by Strategic
Metals Ltd. (TSX-V: SMD) ("Strategic"), covering more than 325
square kilometers, pursuant to the terms of an option agreement
dated September 15, 2010 (the "Option Agreement") with Strategic
and Archer, Cathro & Associates (1981) Limited (the
"Transaction"). The Properties are prospective for orogenic style
gold mineralization.
All of the Properties are located in the Dawson Range Gold Belt
of west-central Yukon, where recent discoveries have been announced
by Underworld Resources, Kaminak Resources and Rockhaven Resources,
or in the Finlayson District of eastern Yukon, which is the Tintina
Fault off-set extension of the Dawson Range Gold Belt. The location
of the various properties and their generalized geological settings
will soon be available on Wolverine's website at
www.wolverineminerals.ca.
The Company has filed two technical reports pertaining to the
Properties (together, the "Technical Reports") on SEDAR, one
entitled "Technical Report on the Finlayson Project, Watson Lake
Mining District, Yukon, Canada" and dated November 8, 2010, and the
second entitled "Technical Report on the Dawson Range Project,
Whitehorse Mining District, Yukon Canada" and dated November 24,
2010". Each of the Technical Reports was prepared by Mr. J. Douglas
Blanchflower, P.Geo, of Minorex Consulting Ltd. Mr. Blanchflower is
a qualified person as defined in National Instrument 43-101 and is
independent of both Wolverine and Strategic. The Technical Reports
are available under the Company's profile on SEDAR at
www.sedar.com.
In connection with the closing of the Transaction, Wolverine
paid $100,000 and issued 6,785,044 common shares of the Company
(each, a "Share") to Strategic in accordance with the terms of the
Option Agreement. The Company also issued 495,543 Shares to Axemen
Resource Capital Ltd. as a finder's fee in connection with the
Transaction. As a result of the completion of the Transaction, gold
will be the main focus of Wolverine's exploration activities. As
geological, geochemical and geophysical results are received, along
with historical information, data sets will be compiled and
evaluated to direct the activity of the 2011 exploration
season.
In conjunction with the closing of the Transaction, the Company
also announces that it has closed its non-brokered private
placement financing (the "Financing"), as previously announced by
the Company on September 16, 2010. The Company has issued 5,000,000
flow-through shares (each, a "Flow-through Share"), at a price of
$0.20 per Flow-through Share, and 5,000,000 units (each, a "Unit"),
at a price of $0.20 per Unit, for aggregate gross proceeds of
$2,000,000. Each Unit consists of one Share and one-half of one
Share purchase warrant (each, a "Warrant"), with each whole Warrant
entitling the holder to purchase an additional Share at a price of
$0.35 per Share until June 14, 2012. After completion of the
Transaction and the Financing, there are 34,093,088 Shares issued
and outstanding.
The Company has received conditional approval for the
Transaction and the Financing from the TSX Venture Exchange.
The Company also announces that it has granted options to
purchase a total of 1,800,000 Shares under the Company's stock
option plan to certain directors and officers of the Company. The
granted options have an exercise price of $0.50 per Share and
expire on December 14, 2015.
The securities issued will be subject to hold periods until
April 15, 2011 under Canadian laws and the policies of the
Exchange, and certain securities will also be subject to hold
periods under United States securities laws.
None of the securities issued have been or will be registered
under the United States Securities Act of 1933, as amended (the
"1933 Act"), and none of them may be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements of the 1933 Act.
WOLVERINE MINERALS CORP.
Thomas A. Doyle President & CEO
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Wolverine Minerals Corp. Thomas A. Doyle (604)
689-5722 Wolverine Minerals Corp. Logan Anderson (604) 689-5722
(604) 685-9182 (FAX) info@wolverineminerals.ca
www.wolverineminerals.ca
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