Wallbridge Mining Company Limited (TSX:WM, FWB:WC7)
” 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). This press release may contain forward-looking statements (including “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the operations of Wallbridge and the environment in which it operates. Generally, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Wallbridge has relied on a number of assumptions and estimates in making such forward-looking statements, including, without limitation, the costs associated with the development and operation of its properties. Such assumptions and estimates are made in light of the trends and conditions that are considered to be relevant and reasonable based on information available and the circumstances existing at this time. A number of risk factors may cause actual results, level of activity, performance or outcomes of such exploration and/or mine development to be materially different from those expressed or implied by such forward-looking statements including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the possibility of changes to project parameters as plans continue to be refined, the ability to execute planned exploration and future drilling programs, the need for additional funding to continue exploration and development efforts, changes in general economic, market and business conditions, and those other risks set forth in Wallbridge’s most recent annual information form under the heading “Risk Factors” and in its other public filings. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Wallbridge. Although Wallbridge has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof.Wallbridge disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws. The forward-looking statements contained herein are expressly qualified by this disclaimer.
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: firstname.lastname@example.org; Linda Zubal, Vice President Corporate Communications, Tel: (705) 682-9297 ext. 263, Email: email@example.com