TORONTO, Nov. 30, 2017 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (the "Company" or "Wallbridge") is pleased to announce that it has closed the third and final tranche ("Third Tranche") of its previously announced non-brokered private placement (the "Offering") through the issuance of 5,905,577 units of the Company (each a "Unit") for gross proceeds of $531,502. Aggregate gross proceeds under the complete Offering totaled $4,305,631 and the Company issued an aggregate of 24,576,453 Units, as well as 20,937,500 Flow Through Shares ("FT Shares").
Under the terms of the Offering 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 FT Shares were issued at a price of $0.10.
In connection with the closing of the Third Tranche certain eligible persons were paid an aggregate cash commission of $15,000 and issued 138,888 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 on Wallbridge's 100%-owned Fenelon Gold deposit in Quebec, which was the subject of a recent pre-feasibility study, 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).
