Wallbridge Announces $3.9 Million Strategic Investment by Eric Sprott
Wallbridge Announces $3.9 Million Strategic
Investment by Eric Sprott
TORONTO
,
Sept. 14, 2018
/CNW/ -
Wallbridge Mining Company Limited
(
TSX:WM, FWB:
WC7
) ("
Wallbridge
" or the "
Company
") is pleased to announce that it has closed a non-brokered
private placement (the "
Offering
") through the issuance of 30,000,000 units of the Company (each a
"
Unit
") for gross proceeds of
$3,900,000
.
Eric Sprott
, through 2176423 Ontario Ltd., a corporation
which is beneficially owned by him, was the sole purchaser of the Offering.
"We are pleased to have a gold investor such as
Eric Sprott
as one of our large shareholders. Eric
is very familiar with high grade gold deposits in the world and Fenelon obviously fit that bill," stated
Marz Kord
, President & CEO of Wallbridge. "On behalf of all Wallbridge shareholders, we welcome
Eric's support in our drive to make
Fenelon Gold
to be the first high grade operating mine in this
emerging belt in
Northwestern Quebec
."
Under the terms of the Offering, the Units were issued at a price of
$0.13
per Unit. 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
closing date at an exercise price of
$0.20
per Warrant Share.
In connection with the Offering, the Company paid an aggregate cash commission of 3% to a certain
eligible person. All securities issued are subject to a statutory hold period of four months in
accordance with applicable securities legislation.
Proceeds of the Offering will be used for general corporate purposes.
As of the date hereof, after giving effect to this acquisition of Units, Mr. Sprott beneficially owns and
controls 33,333,334 Common Shares and 16,666,667 Warrants of Wallbridge, representing
approximately 9.4% of the issued and outstanding Common Shares on a non-diluted basis, and
approximately 13.4% on a partially diluted basis. Prior to the date hereof, Mr. Sprott beneficially
owned and controlled 3,333,334 Common Shares and 1,666,667 Warrants of Wallbridge,
representing approximately 1.0% of the issued and outstanding Common Shares on a non-diluted
basis, and approximately 1.5% on a partially diluted basis.
The Units were acquired for investment purposes. Mr. Sprott has a long-term view of the investment
and may acquire additional securities of the Company either on the open market or through private
acquisitions or sell securities of the Company either on the open market or through private
dispositions in the future depending on market conditions, reformulation of plans and/or other
relevant factors. A copy of 2176423 Ontario Ltd.'s early warning report will appear on the
Company's profile on SEDAR and may also be obtained by calling (416) 362-7172 (200 Bay Street,
Suite 2600, Royal Bank Plaza, South Tower,
Toronto, Ontario
M5J 2J1).
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 developing its 100%-owned high-grade
Fenelon Gold
property in
Quebec
with
ongoing exploration and a bulk sample in 2018. Wallbridge is also pursuing other additional
advanced-stage projects which would add to the Company's near term project pipeline. 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 exploration for copper and gold in
Jamaica
and
British Columbia
through its 11.3% ownership of Carube Copper Corp. (CUC:TSX-V, formerly Miocene Resources
Limited, a Wallbridge spin-out of its BC assets).
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
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For further information:
Please visit the Company's website at www.wallbridgemining.com or
contact: Wallbridge Mining Company Limited, Marz Kord, P. Eng., M. Sc., MBA, President & CEO,
Tel: (705) 682-9297 ext. 251, Email: [email protected]; David Ellis, Investor Relations,
Tel: (416) 704-0937, Email: [email protected]
CO: Wallbridge Mining Company Limited
CNW 15:59e 14-SEP-18