Woulfe Mining Corp. (TSXV:WOF,OTCQX:WFEMF,FWB:OZ4) announced that pursuant to an equity participation agreement between the Company and Korea Zinc Co. Ltd. dated December 15, 2010, Korea Zinc is entitled to maintain its pro rata interest in the Company (as set at the time of its initial subscription in the Company completed on December 22, 2010) in the event the Company intends to complete an equity financing, for so long as Korea Zinc, together with its nominees, continues to hold at least 5% of the issued and outstanding shares of the Company.
As quoted in the press release:
In the event that Korea Zinc elects to exercise the Participation Right in full, a further 3,133,503 units will be issued at a price of $0.10 per unit, in addition to the 10,000,000 units to be placed as announced in August 26, 2013, generating additional gross proceeds of $313,350.30, for aggregate gross proceeds of $1,313,350.30. As previously announced, each unit will be comprised of one common share and one share purchase warrant. Each warrant will allow the holder to acquire one additional share of the Company at a price of $0.12 per share for a period of three years from issuance. Korea Zinc may exercise its Participation Right in any lesser portion at its sole discretion.