Wallbridge Announces Closing of Fully Subscribed $1,500,000 Private Placement and Making Second Payment Towards Purchase of Fenelon Mine Property

TORONTO , Aug. 22, 2016 /CNW/ – Wallbridge Mining Company (TSX:WM,FWB:WC7) is pleased to announce that it completed a non-brokered private placement of an aggregate of 18,750,000 units in the capital of Wallbridge (the “Units“) at $0.08 (Canadian) per Unit raising aggregate proceeds of $1,500,000 (collectively, the “Offering“). The private placement offering was fully subscribed. Gross proceeds of the Units sold under the Offering will be used for payments towards the purchase of Fenelon Mine Property and for general working capital purposes.

“This  placement will enable the Company to make the second payment towards purchase of Fenelon Mine Property from Balmoral Resources Ltd. while we continue to conclude a debt financing as well as a short form prospectus offering”, said Marz Kord , President & CEO of Wallbridge Mining Company. “We are pleased to report that we are in advanced discussions with a group for debt financing towards purchase and development of Fenelon Mine Property. We believe that this $1.5 million private placement, the debt facility as well as our prospectus offering will leave us well-funded to complete the necessary studies and permitting of the project by the end of the first quarter of 2017 and upon positive results of the studies and securing the permits, make a production decision in early second quarter of 2017 with the expected production start-up by mid-2017.”

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