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Oct 20, 2015
Wesdome Gold Mines Completes $5 Million Non-Brokered Private Placement
Wesdome Gold Mines Ltd. (TSX: WDO), a producing gold mining company listed on the Toronto Stock Exchange, completed a non-brokered private placement of 5,000,000 common shares at a price of $1.00. All of the subscribers to the offering were insiders of the company, including CEO Rolly Uloth, Chairman Barry Smith, Director Charles Page and the company’s largest institutional shareholder, Resolute Funds. Wesdome will use the net proceeds of the offering for production expansion, including expansion of the processing and refining mill, as well as for working capital and general corporate purposes.
Wesdome is in its 28th year of continuous gold mining operations in Canada. The company is currently producing from its Eagle River and Mishi gold mines in Wawa, Ontario, which have earned consistent free cash flow even during times of low gold prices. Wesdome also owns two other gold properties, the Kiena Mine Complex in Val d’Or, Quebec and the Moss Lake gold deposit located 100 kilometres west of Thunder Bay, Ontario. These assets are being explored and evaluated to be developed in the appropriate gold price environment. The company has approximately 111 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol “WDO.”
Aird & Berlis LLP advised Wesdome with a team that included Eldon Bennett, Geoff Clarke and Jonathan Tong.