pcNewsWire – Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) has closed a first tranche of proposed $3.5 million private placement, issuing 7,500,000 flow-through common shares at a price of $0.14 for gross proceeds of $1,050,000.
Proceeds will be used for surface exploration and underground bulk sample exploration of high-quality targets around the known deposit used in the pre-feasibility study of Wallbridge’s 100%-owned Fenelon Gold Property in Quebec and for general working capital purposes.
Wallbridge Announces Private Placement and First Tranche Closing
TORONTO, May 16, 2017 /CNW/ – Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (the “Company” or “Wallbridge”) is pleased to announce that today it has completed the first tranche (“First Tranche”) of a non-brokered private placement offering (the “Offering”), issuing 7,500,000 flow-through common shares at a price of $0.14 for gross proceeds of $1,050,000. Proceeds raised from the First Tranche will be used for surface exploration as well as underground bulk sample exploration at Fenelon Gold Property in Quebec.
The Offering consists of: (i) up to 15,000,000 units (the “Units”) at a price of $0.10 per Unit for gross proceeds of up to $1,500,000; and (ii) up to 14,285,715 flow-through common shares (the “FT Shares”) at a price of $0.14 per FT Share for gross proceeds of up to $2,000,000. The total proceeds to be raised under the Offering are up to $3,500,000.
Each Unit consists of one common share of the Company (a “Common Share”) and a one-half Common Share purchase warrant. Each whole Warrant (a “Warrant”) will entitle the holder to acquire one additional Common Share (a “Warrant Share”) for a period of twenty-four (24) months from the date of closing of the Offering at an exercise price of $0.15 per Warrant Share.
In connection with the closing of the First Tranche, certain eligible persons were paid a cash commission equal to 6% of the proceeds raised from subscribers introduced to the Company by such persons in the amount of $63,000.
All securities issued pursuant to the closing of the First Tranche are subject to a statutory hold period of four months in accordance with applicable securities legislation.
The gross proceeds of the Offering will be used for surface exploration and underground bulk sample exploration of high-quality targets around the known deposit used in the pre-feasibility study of Wallbridge’s 100%-owned Fenelon Gold Property in Quebec and for general working capital purposes.
About Wallbridge Mining
Wallbridge is establishing a pipeline of projects that will support sustainable production and revenue as well as organic growth through exploration and scalability.
Wallbridge is currently preparing to develop its 100%-owned high-grade gold Fenelon Gold Property in Quebec with exploration underway and a bulk sample and production decision targeted for 2017. Wallbridge is also in discussions regarding several other advanced stage projects which could become the Company’s next mines. These discussions benefit from the operating capabilities Wallbridge demonstrated by safely and efficiently mining the Broken Hammer deposit in Sudbury, which was completed in October 2015. Wallbridge is also continuing active partner-funded exploration on its large portfolio of nickel, copper, and PGM projects in Sudbury, Ontario. Currently, Wallbridge is completing a 20,000 metre fully partner-funded drilling program on its high-grade Parkin nickel-copper-PGM project.
Wallbridge also has exposure to active exploration for copper and gold in Jamaica and British Columbia through its 12.8% ownership of Carube Copper Corp. (CUC:TSX-V, formerly Miocene Resources Limited).
SOURCE Wallbridge Mining Company Limited
For further information: Please visit the Company’s website at www.wallbridgemining.com, or contact: Wallbridge Mining Company Limited, Joshua Bailey, M.Sc., P.Geo, Vice President Exploration, Tel: (705) 682-9297 ext. 240, Email: email@example.com; Linda Zubal, Vice President Corporate Communications, Tel: (705) 682-9297 ext. 263, Email: firstname.lastname@example.org