Wolfden Resources Sells Timberland for $2.1 Million in Non-Dilutive Financing

Wolfden Resources Corporation has announced the sale of a 3,770-acre timberland parcel in Maine for $2.1 million. This transaction serves as a non-dilutive financing strategy. The company retains 3,082 acres of the original land, hosting a significant polymetallic mineral deposit.

The agreement grants Wolfden rights to explore and repurchase mineral rights for five years. Altius Royalty Corporation, which previously bought timber rights and carbon credits, amended its royalty agreement. The amendment allows Altius to convert $1.0 million into Wolfden shares under certain conditions, or receive payment should the Retained Lands sell.

Slated for completion by January 31, 2025, the land sale requires approval from the TSX Venture Exchange. The amended royalty deal with Altius, a related party transaction, meets MI 61-101 exemptions.