Wallbridge Announces Closing of Private Placement
Toronto, Ontario — July 10, 2017 — Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (the “Company” or “Wallbridge”) today announced it has closed a non-brokered private placement (the “Offering”), in the amount of $1,526,604 issuing an aggregate of 12,266,040 common shares and 2,383,020 warrants.
“This placement, at a significant premium to our current share price, is timely and shows affirmation of our development plans at Fenelon as well as our current efforts in reviewing other value-accretive opportunities elsewhere,” stated Marz Kord, President & CEO of Wallbridge Mining. “Our exploration drilling at Fenelon is progressing well and a continuous stream of news from this exploration phase will start soon indicating the potential for resource expansion.”
Under the Offering, which was closed in two tranches, 7,500,000 common shares were issued on a flow-through basis (the “FT Shares”) at a price of $0.14 for gross proceeds of $1,050,000 (see press release on closing of first tranche dated May 16, 2017) and 4,766,040 units (the “Units”) were issued at a price of $0.10 per Unit for gross proceeds of $476,604. 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 issuance at an exercise price of $0.15 per Warrant Share.
In connection with the closing of the FT Shares 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 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 12.9% ownership of Carube Copper Corp. (CUC:TSX-V, formerly Miocene Resources Limited).
For Further Information
Please visit the Company’s website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Joshua Bailey, P.Geo., M.Sc., MBA
Vice President Exploration
Tel: (705) 682-9297 ext. 240