TORONTO, Nov. 20, 2017 /CNW/ - Wallbridge Mining
Company Limited (TSX:WM, FWB: WC7) (the "Company" or
"Wallbridge") is pleased to announce that it has closed the
second tranche ("Second Tranche") of its previously
announced non-brokered private placement (the "Offering")
through the issuance of 17,486,558 units of the Company (each a
"Unit") for gross proceeds of $1,573,790 and 10,000,000 flow through common
shares (each an "FT Share") for gross proceeds of
$1,000,000. Aggregate gross
proceeds under the second tranche totaled $2,573,790 and aggregate gross proceeds under the
first and second tranche totaled $3,774,127.
Under the terms of the Offering the FT Shares were issued at a
price of $0.10 and the Units were
issued at a price of $0.09.
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. The Company expects to
close the final tranche of the Offering later this month.
"We are making tremendous progress at our Fenelon Gold Property
with excellent drilling results, a contract in place with a toll
mill facility and contracts being finalized with mining
contractors. With this financing and the expected final tranche
closing this month, we are now financed to start the planned
underground bulk sample upon receipt of the permits." said
President and CEO Marz Kord.
In connection with the closing of the second tranche certain
eligible persons were paid an aggregate cash commission of
$94,827 and issued 825,254 finders'
warrants ("Finder Warrant"). Each Finder Warrant will
entitle the holder thereof to purchase one common share of the
Company (each, a "Finder Share") at an exercise price of
$0.10 per Finder Share for a period
of 24 months following the date of issuance.
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 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 Fenelon Gold Property in Quebec with ongoing exploration and a bulk
sample targeted to start in 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 partner-funded
exploration on its large portfolio of nickel, copper, and PGM
projects in Sudbury, Ontario, with
a focus on its high-grade Parkin project.
Wallbridge also has exposure to active exploration for copper
and gold in Jamaica and
British Columbia through its 12.7%
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