Wellgreen Platinum Completes $9.1 Million Equity Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 20, 2014) - Wellgreen Platinum Ltd. (TSX VENTURE:WG)(OTCQX:WGPLF) is pleased to announce that it has completed a $9.1 million non-brokered equity financing (the "Private Placement") at approximately an 11% premium to the 10 day volume weighted average trading price of the Company's common shares on the TSX Venture Exchange.

Pursuant to the Private Placement, the Company issued a total of 15,118,104 common shares of the Company on a "flow-through" basis, at $0.60 per share. The shares issued under this Private Placement are subject to a 4 month hold period expiring on March 21, 2015, in accordance with applicable securities laws and the rules and policies of the TSX Venture Exchange. The Company paid finder's fees of approximately $244,000 in connection with the Private Placement.

The net proceeds of the Private Placement will be applied towards continuing exploration and development activities as part of initiating planned Pre-feasibility level studies on the Company's 100%-owned Wellgreen PGM-Nickel-Copper property located in the Yukon.

Wellgreen Platinum's President and CEO, Greg Johnson, said, "We are pleased to be able to strengthen the Company's shareholder base and balance sheet with this financing at a premium to the market. These mining-focused investors recognize the quality and potential of the Wellgreen assets despite the extended difficult market conditions in the resource sector. The proceeds from this financing will allow us to advance to planned pre-feasibility-level studies and environmental work on the Wellgreen project and will place the Company in a solid financial position into 2015."

2014 Field Program Update

While the Company's focus this year has been on work to support an updated Preliminary Economic Assessment ("PEA"), activities at Wellgreen have included approximately 3,000 metres of reverse circulation and core drilling along with 11,000 metres of re-logging and new sampling of remaining historic drill holes. The results from this program will be incorporated into the Pre-feasibility Study ("PFS") programs in 2015. In addition, as part of the PFS work, the Company continues to gather baseline environmental monitoring data on flora, fauna, and surface and subsurface water in the project area for use in the environmental assessment process. Field activities at the Wellgreen project are currently in the process of winding down for end of the year.