Woulfe Mining Extends Term Loan
February 18, 2014 (Source: Marketwired) — Woulfe Mining Corp. (“Woulfe” or the “Company”) (TSX VENTURE:WOF)(FRANKFURT:OZ4) announces today that it has executed an Omnibus Amendment Agreement (the “Amendment”) in respect of the $10.0 million bridge loan advanced by TaeguTec Ltd. (“TaeguTec”), an affiliate of International Metalworking Companies B.V. (“IMC”), on February 26, 2012 and March 4, 2013, which includes amendments to the Subscription Agreement originally dated February 26, 2012 between the Company, its wholly owned subsidiary Sangdong Mining Corp. (“Sangdong”) and IMC pursuant to which, subject to the terms and conditions thereof, IMC will acquire a 25% interest in Sangdong for aggregate consideration of $35 million. (See Woulfe press release dated February 28, 2012 and March 4, 2013).
Pursuant to the Amendment, the maturity date of the original loan has been extended to the earlier of the closing of the strategic transactions with IMC or December 15, 2014. Additionally, the parties have agreed that the outside date for the completion of the transactions contemplated by the Subscription Agreement shall be extended until December 15, 2015. The parties are however working towards completion of the transactions contemplated by the Subscription Agreement as soon as is feasible, but which is expected to be following the completion of the proposed $6 million work program on the Sangdong project as previously announced on October 28, 2013.
On Behalf of the Board of Directors
Woulfe Mining Corp.
Hubert Marleau, Interim Chief Executive Officer and Director
About Woulfe Mining Corp.Woulfe Mining Corp., through its wholly-owned subsidiary, Sangdong Mining Corporation, is dedicated to developing the Sangdong tungsten-molybdenum mine which was historically one of the largest tungsten mines in the world and one of the few long life, high-grade tungsten deposits located outside of China.
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Woulfe Mining Corp. is a TSX-V listed company.
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.
Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. We have made certain assumptions about the forward-looking statements and information and even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others, the following: commodity price volatility; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory restrictions, including environmental regulatory restrictions and liability; failure to complete the strategic arrangement described in this release, including because of the failure to satisfy the conditions to closing of the transaction, risks of sovereign investment; currency fluctuations; speculative nature of mineral exploration; global economic climate; dilution; share price volatility; competition; loss of key employees; additional funding requirements.
There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company’s business contained in the Company’s reports filed with the appropriate regulatory authorities.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>