TORONTO, Oct. 5, 2016 /CNW/ – Wallbridge Mining Company (TSX:WM,FWB:WC7) is pleased to announce that it has reached the minimum subscription required to close a first tranche of its short form prospectus offering (the “Offering“) and has raised gross proceeds of $1,720,760 through the issuance of the units of Wallbridge (the “Units“) and flow-through shares of Wallbridge (the “FT Shares“).
Wallbridge raised $1,545,760 from the sale of 19,322,000 Units at a price of $0.08 per Unit (the “Unit Offering Price“), with each such Unit consisting of one common share and one common share purchase warrant (the “Unit Warrants“), with each Unit Warrant entitling the holder to purchase one common share at a price of $0.12 per share for a period of 36 months from the closing date of the Offering.
In addition, Wallbridge raised $175,000 from the sale of 1,750,000 FT Shares at a price of $0.10 per FT Share. The FT Shares will be common shares in the capital of Wallbridge that qualify as “flow-through” shares within the meaning of the Income Tax Act (Canada) and the regulations thereunder.
The Offering is being conducted by a syndicate of agents led by Secutor Capital Management Corporation and including Canaccord Genuity Corp. (collectively the “Agents“).
The proceeds from the sale of the Units will be used for the development of Fenelon Mine Property as well as general working capital. For details of Fenelon Mine Property acquisition, please refer to Wallbridge Press Release dated May 25, 2016. The proceeds from the sale of the FT Shares will be used by Wallbridge to incur eligible Canadian Exploration Expenses that are “flow-through mining expenditures” as defined by the Income Tax Act (Canada).