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May 24, 2012 15:48 Wesdome Gold Mines Ltd. Completes Offering of Senior Unsubordinated Convertible Debentures
Wesdome Gold Mines Ltd. Completes Offering of Senior Unsubordinated
Convertible DebenturesCanada NewsWireTORONTO, May 24, 2012


TORONTO, May 24, 2012 /CNW/ - Wesdome Gold Mines Ltd. (TSX: WDO) (the
"Company" or "Wesdome") is pleased to announce that it has completed a
private placement offering of senior unsubordinated convertible debentures
("Debentures") in the aggregate principal amount of C$7,021,000 (the
"Offering"). The Debentures will bear interest at a rate of 7% per annum
payable semi-annually, will be convertible into common shares of the Company
(the "Common Shares") at a price of $2.50 per Common Share and will mature
on May 24, 2017.  The Debentures have been conditionally listed on the
Toronto Stock Exchange (the "TSX"). Finders received as compensation a cash
commission equal to 3% of the aggregate gross proceeds of the Offering.
The Company is pleased to have oversubscribed this issue in a tough market.
Net proceeds from the Offering will be used toward the redemption of its
existing debentures having an aggregate principal amount of $10,931,000 and
maturing on May 31, 2012 (the "2007 Debentures").  The issue of the Debentures
decreases corporate debt and provides flexibility to maintain an aggressive
development program. After paying off the holders of the 2007 Debentures,
the Company expects to have working capital of approximately $16.5 million
and cash and gold bullion of approximately $11.1 million. This news
release does not constitute an offer to sell or a solicitation of an offer
to buy any of the securities in the United States. The securities have not
been and will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act"), or any state securities laws,
and may not be offered or sold within the United States unless registered
under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available. ABOUT WESDOME Wesdome is
celebrating its 25th year of continuous mining operations in Canada.  It
currently has three producing gold mines with wholly-owned mining and
milling complexes located in Wawa, Ontario and Val d'Or, Québec.  The
Company has approximately 101.88 million Common Shares issued and
outstanding and trades on the TSX under the symbol "WDO".

This news release contains "forward-looking information" which may include,
but is not limited to, statements with respect to the intended use of
proceeds from the Offering and the expected financial condition of the
Company after paying off the holders of the 2007 Debentures.  Often, but not
always, forward-looking statements can be identified by the use of words
such as "plans, "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or "believes" or
variations (including negative variations) of such words and phrases, or
state that certain actions, events or results "may", "could", "would",
"might", or "will" be taken, occur or be achieved.  Forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. 
Forward-looking statements contained herein are made as of the date of this
news release and the Company disclaims any obligation to update any forward-
looking statements, whether as a result of new information, future events
or results or otherwise.  There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.  The
Company undertakes no obligation to update forward-looking statements if
circumstances, management's estimates or opinions should change, except as
required by securities legislation.  Accordingly, the reader is cautioned
not to place undue reliance on forward-looking statements.

Donovan Pollitt, P.Eng., CFA President 416.360.3743 ext. 25

8 King Street East, Suite 1305 Toronto, Ontario  M5C 1B5 Toll Free:  1-866-4-
WDO-TSX Phone:  416-360-3743, Fax: 416-360-7620 Email: invest@wesdome.com,
Website: www.wesdome.com

March 06, 2015 16:35
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