Wolverine closes $5.4 million in private placements

layout of crushing plant of iron ore 300 ton hourWolverine Minerals on Wednesday announced the closing of non-brokered private placements of units and flow-through units, as previously announced by the company on May 5, 2011 for total gross proceeds of more than $5.4 million.

The exploration company said it had issued 7,374,500 million units, at a price of $0.55 per unit, for gross proceeds of $4,055,975. "Each unit consists of one common share and one-half of one share purchase warrant, with each whole warrant entitling the holder to acquire an additional common share for $0.75 per share until June 7, 2012. The company also issued 2,150,000 million flow-through units at a price of $0.65 per FT Unit, for gross proceeds of $1,397,500. Each FT Unit consists of one flow-through common share and one-half of one non flow-through share purchase warrant (each, a "NFT Warrant"), with each whole NFT Warrant entitling the holder to acquire an additional common share for $0.75 per share until June 7, 2012," the company reported.

"The Warrants and the NFT Warrants are subject to an accelerated 30-day expiry provision in the event the Company's common shares trade at $1.10 or greater for a period of 20 consecutive trading days after four months from closing. Strategic Metals Ltd. exercised its right to participate in the financing in order to maintain its 19.9 % equity interest in the company."