/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
TORONTO,
April 29, 2016 /CNW/ - Wesdome
Gold Mines Ltd. (TSX:WDO)("Wesdome" or the
"Company") is pleased to announce that it has closed
its previously announced public offering (the "Offering") of
10,465,000 common shares ("Common Shares") at a price of
C$1.65 per Common Share, for total
gross proceeds of C$17,267,250,
including the exercise in full of the over-allotment option by the
underwriters.
The Common Shares were sold pursuant to an
underwriting agreement through a syndicate of underwriters co-led
by National Bank Financial Inc. and Mackie Research Capital
Corporation and including Dundee Securities Ltd., Clarus Securities
Inc. and M Partners Inc.
Wesdome intends to use the net proceeds of the
Offering for mill expansion and associated infrastructure at the
Company's Eagle River Complex, and for working capital and general
corporate purposes.
ABOUT WESDOME
Wesdome Gold Mines Ltd. is in its 28th year of
continuous gold mining operations in Canada. The Company is currently producing
gold at the Eagle River Complex located near Wawa, Ontario from the Eagle River and Mishi
gold mines. Wesdome's goal is to expand current operations at both
mines over the next four years through mill expansion and
exploration. Wesdome has significant upside through ownership of
its two other properties, the Kiena Mine Complex in Val d'Or, Quebec and the Moss Lake gold
deposit located 100 kilometres west of Thunder Bay, Ontario. These assets are being
explored and evaluated to be developed in the appropriate gold
price environment. The Company has approximately 129 million Common
Shares issued and outstanding following the closing of the Offering
and trades on the Toronto Stock Exchange under the symbol
"WDO".
The securities issued have not and will not be
registered under the U.S. Securities Act of 1933, as amended, and
may not be offered or sold in the United
States absent registration or any applicable exemption from
the registration requirements. This press release does not
constitute an offer to sell or the solicitation of an offer to buy
nor will there be any sale of the securities in any state in which
such offer, solicitation or sale would be unlawful.
Certain statements contained in this press
release constitute "forward-looking statements". All statements
other than statements of historical fact contained in this press
release, including, without limitation, those regarding the
Company's future financial or operating performance and its
projects, as well as the Company's use of proceeds from the
Offering and any statements preceded by, followed by or that
include the words "believe", "expect", "schedule", "aim", "intend",
"plan", "continue", "will", "may", "would", "anticipate",
"estimate", "forecast", "predict", "project", "seek", "should" or
similar expressions or the negative thereof, are forward-looking
statements. These statements are not historical facts but instead
represent only the Company's expectations, estimates and
projections regarding future events. These statements are not
guarantees of future performance and involve assumptions, risks and
uncertainties that are difficult to predict. Therefore, actual
results may differ materially from what is expressed, implied or
forecasted in such forward-looking statements. Additional factors
that could cause actual results, performance or achievements to
differ materially include, but are not limited to the risk factors
discussed in the Company's annual MD&A for the year ended
December 31, 2015. Management
provides forward-looking statements because it believes they
provide useful information to investors when considering their
investment objectives and cautions investors not to place undue
reliance on forward-looking information. Consequently, all of the
forward-looking statements made in this press release are qualified
by these cautionary statements and other cautionary statements or
factors contained herein, and there can be no assurance that the
actual results or developments will be realized or, even if
substantially realized, that they will have the expected
consequences to, or effects on, the Company. These forward-looking
statements are made as of the date of this press release and the
Company assumes no obligation to update or revise them to reflect
subsequent information, events or circumstances or otherwise,
except as required by law.
SOURCE Wesdome Gold Mines Ltd.