....und die CAN-Börse scheint zu öffnen, jedenfalls wird vorbörslich schon fleißig getaxt.....
http://www.istockanalyst.com/business/news/...te-strategic-agreementsWOULFE MINING CORP. AND INTERNATIONAL METALWORKING COMPANIES EXECUTE
STRATEGIC AGREEMENTS
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February 28, 2012 TSX-V: WOF
FWB: OZ4
OTCQX: WFEMF
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VANCOUVER, BC, CANADA - FEBRUARY 28TH, 2012 - WOULFE MINING CORP.
("WOULFE" OR THE "COMPANY") (TSX-V: WOF, OTCQX: WFEMF, FRANKFURT: OZ4)
is pleased to announce that Woulfe and its 100%-owned
tungsten/molybdenum South Korean subsidiary, Sangdong Mining Corporation
("Sangdong"), have entered into agreements for a strategic arrangement
with IMC International Metalworking Companies B.V. ("IMC") and certain
of IMC's affiliates.
The closing of the transaction is subject to customary closing
conditions, including the satisfactory conclusion of due diligence by
IMC, the receipt of applicable regulatory approvals and other matters
set forth in full in the relevant agreements. The basis of the strategic
arrangement is as follows:
* IMC will immediately advance CDN$5 million to Sangdong, pursuant to
a loan agreement, for purposes of project advancement pending the
closing of the transaction;
* IMC has agreed to acquire a 25% interest in Sangdong for cash
consideration totalling CDN$35 million;
* Woulfe and IMC have agreed to jointly establish a Korean company
("APT JV"), which will be owned 45% by Woulfe and 55% by IMC. The
parties will invest up to CDN$15.75 million and CDN$19.25 million,
respectively, into the APT JV to
build a facility in Korea for the processing of tungsten concentrate to
be purchased from Sangdong into tungsten APT. IMC has agreed to make
available to Woulfe a loan for Woulfe's portion of the APT JV
investment; * The APT JV has agreed to acquire no less than 90%, and up
to 100%, of Sangdong's tungsten concentrate production pursuant to an
off-take agreement, which will be guaranteed by IMC;
* IMC has agreed to acquire no less than 90%, and up to 100%, of the
APT JV's available APT production pursuant to a separate off-take
agreement.
COMMENT FROM BRIAN WESSON, CEO OF WOULFE:
"We are excited and honoured to have concluded our negotiations for the
strategic alliance of the Company with IMC. We believe that working with
one of the world's largest tungsten end users, which has operations in
Korea as well as throughout the world, is extremely beneficial for
Woulfe Mining Corp. and all of the Company's stake holders who have
supported us over the last two years.
The strategic arrangement brings funds immediately into Sangdong to
allow the project to be advanced beyond design and begin development in
the spring, by providing for an initial CDN$5 million to be injected
into the project immediately in the form of a loan.
Subject to customary closing conditions, including the satisfactory
conclusion of due diligence by IMC, the receipt of applicable regulatory
approvals and other matters set forth in full in the relevant
agreements, IMC will invest a further CDN$35 million in equity to
acquire 25% of Sangdong and will invest up to a further CDN$19.25
million into a new Korean joint venture with the Company. The joint
venture will design and build a tungsten APT manufacturing facility and
will be owned jointly by Woulfe and IMC, 45% and 55%, respectively.
Subject to the terms of the relevant agreements, Woulfe will have the
option to finance its 45% ownership of the APT joint venture through an
up to CDN$15.75 million loan, to be made available to Woulfe by IMC,
which may be repaid in tungsten concentrate produced by Sangdong.
Alternatively, Woulfe may inject equity directly into the new APT joint
venture without taking any loan from IMC.
A key component of the transaction is that IMC has agreed to purchase a
guaranteed minimum quantity of 90% of the tungsten product produced by
the entities. I expect the security of this arrangement to significantly
support the Company's ability to secure additional financing for the
tungsten project. The agreements with IMC also provide IMC the option to
offer the Company additional financing in connection with the project."
On Behalf of the Board of Directors
Woulfe Mining Corp.
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