NEW YORK Woulfe Mining Corp. has reappointed former director Ned Goodman to the companys 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 companys board in June due to a potential conflict of interest over the companys search for further financing (amm.com, June 24).
The company couldnt be reached for details on the circumstances of Goodmans return.
Meanwhile, Woulfe said it will use the net proceeds of its private placement for "general corporate purposes."
The companys 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."