Wallbridge Announces Private Placement and First Tranche Closing
Wallbridge Announces Private Placement and First Tranche Closing
TORONTO, May 16, 2017 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (the
"Company" or "Wallbridge") is pleased to announce that today it has completed the first tranche ("First
Tranche") of a non-brokered private placement offering (the "Offering"), issuing 7,500,000 flow-through
common shares at a price of $0.14 for gross proceeds of $1,050,000. Proceeds raised from the First
Tranche will be used for surface exploration as well as underground bulk sample exploration at Fenelon
Gold Property in Quebec.
The Offering consists of: (i) up to 15,000,000 units (the "Units") at a price of $0.10 per Unit for gross
proceeds of up to $1,500,000; and (ii) up to 14,285,715 flow-through common shares (the "FT Shares")
at a price of $0.14 per FT Share for gross proceeds of up to $2,000,000. The total proceeds to be raised
under the Offering are up to $3,500,000.
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
closing of the Offering at an exercise price of $0.15 per Warrant Share.
In connection with the closing of the First Tranche, certain eligible persons were paid a cash commission
equal to 6% of the proceeds raised from subscribers introduced to the Company by such persons in the
amount of $63,000.
All securities issued pursuant to the closing of the First Tranche 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 surface exploration and 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 gold Fenelon Gold Property in
Quebec with exploration underway and a bulk sample and production decision targeted for 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 active partner-funded exploration on its large
portfolio of nickel, copper, and PGM projects in Sudbury, Ontario. Currently, Wallbridge is completing a
20,000 metre fully partner-funded drilling program on its high-grade Parkin nickel-copper-PGM project.
Wallbridge also has exposure to active exploration for copper and gold in Jamaica and British Columbia
through its 12.8% 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, M.Sc., P.Geo, Vice President
Exploration, Tel: (705) 682-9297 ext. 240, Email: [email protected]; Linda Zubal, Vice
President Corporate Communications, Tel: (705) 682-9297 ext. 263, Email:
CO: Wallbridge Mining Company Limited
CNW 14:37e 16-MAY-17