Wallbridge Announces Closing of Second Tranche of Private Placement
Wallbridge Announces Closing of Second Tranche of Private Placement
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 sec ond 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 who le 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 G old Property with excellent drilling results, a
contract in place with a toll mill facility and contracts being finalized with mining contractors. Wit h 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 c ash
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-qualit y
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 cap ital 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 Sud bury, 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 stat ements (including "forward-looking
information" within the meaning of applicable Canad ian 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 expect ed", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such
words and phrases or statements that certain action s, 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-lo oking statements, including, without
limitation, the costs associated with the developme nt 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 res ults, level of activity, performance or
outcomes of such exploration and/or mine developmen t to be materially different from those
expressed or implied by such forward-looking statem ents including, without limitation, whether
such discoveries will result in commercially viable quantities of such mineralized materials, the
possibility of changes to project parameters as pla ns continue to be refined, the ability to execute
planned exploration and future drilling programs, t he need for additional funding to continue
exploration and development efforts, changes in gen eral 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 p ublic filings. Forward-looking statements are
not guarantees of future performance and such infor mation 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 fact ors 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 ad dition, 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. T he 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 10:45e 20-NOV-17