Wallbridge Announces Closing of First Tranche of Private Placement
Wallbridge Announces Closing of First Tranche of Private Placement
TORONTO, Nov. 6, 2017 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (the
"Company" or "Wallbridge") today announced it has completed the first tranche ("First Tranche") of a
non-brokered private placement offering (the "Offering"), issuing an aggregate of 12,121,818 common
shares and 592,159 warrants.
Under the Offering, 10,937,500 common shares were issued on a flow-through basis (the "FT Shares") at
a price of $0.10 for gross proceeds of $1,093,750 and 1,184,38 units (the "Units") were issued at a price
of $0.09 per Unit for gross proceeds of $106,587. 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. Wallbridge expects to close the second tranche of the Offering this month.
"We are making excellent progress at our Fenelon Gold Property and these funds will help us push
forward with our next phase of drilling from underground during the planned bulk sample to expand the
resource and to test additional targets" said President and CEO Marz Kord.
In connection with the closing of the FT Shares certain eligible persons were paid a cash commission up
to 6% of the proceeds raised from subscribers introduced to the Company by such persons in the amount
of $64,125 and issued 534,375 finder's warrants ("Finder Warrant"). Each Finder Warrant will entitle the
holder thereof to purchase one common share of the Corporation (each, a "Finder Share") at an exercise
price of $0.10 per Finder Share for a period of 24 months following the closing date.
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
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For further information: Please visit the Company's website at www.wallbridgemining.com or
contact: Wallbridge Mining Company Limited, Joshua Bailey, P.Geo., M.Sc., MBA, Vice President
Exploration, Tel: (705) 682-9297 ext. 240, Email: [email protected]; David Ellis, Investor
Relations, Tel: (416) 704-0937, Email: [email protected]
CO: Wallbridge Mining Company Limited
CNW 14:54e 06-NOV-17