Wellgreen Platinum Completes $2.65 Million Flow-Through Equity Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 24, 2014) - Wellgreen Platinum Ltd. (TSX:WG)(OTCQX:WGPLF) is pleased to announce that it has completed a $2,648,899.50 non-brokered "flow-through" equity financing (the "Private Placement") at approximately a 13% premium to the 5-day volume weighted average trading price of the Company's common shares on the Toronto Stock Exchange (the "TSX").

Pursuant to the Private Placement, the Company issued a total of 3,531,866 common shares of the Company on a "flow-through" basis, at $0.75 per share. The shares issued under the Private Placement are subject to a 4 month hold period expiring on April 25, 2015, in accordance with applicable securities laws and the rules and policies of the TSX. The Company paid finder's fees of approximately $80,000 in connection with the Private Placement.

The net proceeds of the Private Placement will be applied towards continuing exploration and development activities on the Company's 100%-owned Wellgreen PGM-Nickel-Copper property located in the Yukon Territory, Canada.

The Company also announces that it has amended the maturity date for loans aggregating $0.9 million that the Company advanced to its senior management team in order to assist them in participating in the $5.9 million equity financing of the Company that closed on June 20, 2013 (the "2013 Placement"). One-half of each loan amount will now mature on March 31, 2015, with the remaining balance of each loan to mature on June 30, 2015. The previous maturity date of the loans was December 31, 2014. All other terms of the loans remain unchanged, including that the Company holds as collateral for the loans, all shares and warrants subscribed for by the loan recipients under the 2013 Placement. The amended loan agreements will be available under the Company's SEDAR profile at www.sedar.com.

About Wellgreen Platinum

Wellgreen Platinum Ltd. is a Canadian mining exploration & development company focused on the active advancement of its 100% owned Wellgreen PGM-Nickel-Copper project toward production. Located in Canada's Yukon Territory, Wellgreen is one of the largest undeveloped PGM deposits outside southern Africa or Russia. The property is accessed by paved highway leading to year-round deep sea ports in Haines and Skagway, Alaska.