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Woulfe announces private placement; director returns

Keywords: Tags  Woulfe Mining, Ned Goodman, company board, private placement, capital raising, Sangdong, tungsten, molybdenum Daniel Fitzgerald

NEW YORK — Woulfe Mining Corp. has reappointed former director Ned Goodman to the company’s board and also announced a nonbrokered private placement to raise Canadian $1 million ($954,200).

Goodman resigned from the Vancouver, British Columbia-based tungsten mining company’s board in June due to a potential conflict of interest over the company’s search for further financing (, June 24).

The company couldn’t be reached for details on the circumstances of Goodman’s return.

Meanwhile, Woulfe said it will use the net proceeds of its private placement for "general corporate purposes."

The company’s Sangdong tungsten and molybdenum project in South Korea is forecast to start production by the fourth quarter of 2013, although the company said in June that it "will need to raise a considerable amount of capital to rectify its current financial position."

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