Woulfe Mining Extends and Increases Term Loan
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/04/13 -- Woulfe
Mining Corp. ("Woulfe" or the "Company") (TSX
VENTURE:WOF)(OTCQX:WFEMF)(FRANKFURT:OZ4) announces today that it has
executed an Amended and Restated Bridge Loan Agreement (the "Amended
Loan Agreement") in respect of the original $5 million bridge loan
advanced by TaeguTec Ltd. ("TaeguTec"), an affiliate of International
Metalworking Companies B.V. ("IMC"), on February 26, 2012 and an
amendment agreement to the Subscription Agreement dated February 26,
2012 between the Company, its wholly owned subsidiary Sangdong Mining
Corp. ("Sangdong") and IMC (the "Amendment Agreement") pursuant to
which IMC will acquire a 25% interest in Sangdong for aggregate
consideration of $35 million. (See Woulfe press release dated
February 28, 2012).
Pursuant to the Amended Loan Agreement, the maturity date of the
original loan has been extended to the earlier of the closing of the
strategic transactions with IMC or February 26, 2014 and TaeguTec has
agreed to make two further advances of term loans to Sangdong, such
that the aggregate amount outstanding under the Amended Loan
Agreement, including capitalized interest and accrued, unpaid and
uncapitalized interest on the original $5 million advance to date,
shall be $10 million when such additional advances are made. The
initial additional advance of $500,000 has been funded and the second
further advance of approximately $4.2 million will be funded within
eight business days, subject to the satisfaction of certain
Pursuant to the Amendment Agreement, the parties have agreed that the
outside date for the completion of the transactions contemplated by
the Subscription Agreement shall be extended until February 26, 2014.
The parties are however working towards completion of the
transactions contemplated by the Subscription Agreement as soon as is
On Behalf of the Board of Directors
Woulfe Mining Corp.
David Constable, Chairman and Director
About Woulfe Mining Corp "Unearthing Global Assets"
Woulfe Mining Corp is focused on 'Unearthing Global Assets' through
the recognition and development of undervalued natural resource
projects. Woulfe differentiates itself by boasting significant
technical expertise in the design, development and operation of
Our flag ship project is the Sangdong tungsten mine in South Korea,
historically the world's largest tungsten mine for over 40 years.
Sangdong is expected to return to production by Q4 of 2013. Woulfe
has entered into strategic agreements with International Metalworking
Companies B.V. ('IMC'), part of the Berkshire Hathaway group of
companies. This partnership brings strategic advantage given Woulfe's
mining and processing technical abilities and IMC's downstream
manufacturing skills, high level of innovation and quality of
products sold into the global tungsten market. Woulfe Mining Corp. is
a Canadian TSX-V listed company. Further information can be found on
Woulfe's website www.woulfemining.com or on firstname.lastname@example.org.
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
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.
Woulfe Mining Corp.
Chairman and Director
Woulfe Mining Corp.
+1 604 684 6264
+1 604 684 6242 (FAX)
Nicola Street Capital
Mobile phone +1 (415) 595-0865
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