Wallbridge Mining Company Limited Announces Closing of C$15.0 Million Bought Deal Financing
PRESS RELEASE
Not for distribution to U.S. news wire services or dissemination in the United States.
WALLBRIDGE MINING COMPANY LIMITED ANNOUNCES CLOSING OF C$15.0 MILLION
BOUGHT DEAL FINANCING
TORONTO, Ontario, February 24, 2022 – Wallbridge Mining Company Limited ( TSX:WM,
OTCQX:WLBMF), ("Wallbridge" or the "Company") today announced that it has completed the previously
announced "bought deal" public offering through the issuance of an aggregate of 27,300,000 charity flow-
through common shares of the Company (each, a " Charity Flow-Through Share") at a price of C$0.55
(the " Offering Price ") per Charity Flow-Through Share for gross proceeds of C$15,01 5,000 to the
Company (the "Offering"). The Charity Flow-Through Shares were issued and sold pursuant to the terms
of an underwriting agreement dated February 8, 2022 among the Company, BMO Capital Markets, as lead
underwriter and sole bookrunner, Cormark Securities Inc., Eight Capital and Paradigm Capital Inc.
(collectively, the “Underwriters”) .
Kirkland Lake Gold Ltd. has certain participation rights and participated in the Offering in order to maintain
its existing 9.9% ownership position in the Company (on a non-d iluted basis) by acquiring as a back-end
buyer 6,362,519 common shares in the capital of the Company. Effective as of February 8, 2022, Kirkland
Lake Gold Ltd. became a wholly owned subsidiary of Agnico Eagle Mines Limited. William Day Holdings
Limited also participated, as a back-end buyer in the Offering acquiring 1,612,903 common shares in the
capital of the Company.
The gross proceeds from the Offering will be used to support the Company’s 2022 exploration program at
the Company’s Detour-Fenelon Gold Property.
In respect of the Offering, the Charity Flow-Through Shares were offered by way of a short form prospectus
dated February 18, 2022, filed in all of the provinces of Canada.
The Underwriters were paid a cash commission of 6% on the gross proceeds of the Offering.
Each Charity Flow-Through Share will qualify as a "flow-through share" within the meaning of subsection
66(15) of the Income Tax Act (Canada) and, in respect of eligible Québec resident subscribe rs, section
359.1 of the Taxation Act (Québec). The gross proceeds from the sale of the Charity Flow-Through Shares
will be used by the Company to incur qualifying expenses which will be renounced with an effective date of
no later than December 31, 2022 to the initial purchasers of th e Charity Flow-Through Shares in an
aggregate amount not less than such proceeds raised.
The Company expects to close its previously announced private p lacement of 24,611,351 National flow-
through common shares (the “National FT Shares”) and 12,357,000 Quebec flow-through common shares
(the “Quebec FT Shares”)for aggregate gross proceeds of C$14,172,570 (the “Private Placement”) later
today. The National FT Shares are being issued at a price of C$0.37 and the Quebec FT Shares at a price
of C$0.41. In connection with the Private Placement, the Company will pay a cash finder’s fee of 4%.
None of the securities offered in the Offering or the Private Placement have been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration
or an applicable exemption from the registration requirements. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful.
About Wallbridge Mining
Wallbridge is currently advancing the exploration and developme nt of its 100%‒owned Fenelon Gold
property located along the Detour‒Fenelon Gold Trend, an emergi ng gold belt in northwestern Québec.
Within three years of the discovery of the Area 51 and Tabasco/ Cayenne Zones, thr ough drill programs
totaling over 300,000 metres, Wallbridge reached an important milestone by announcing a maiden Mineral
Resource Estimate (MRE) for Fenelon and an updated MRE for the Martiniere Gold Property totalling 2.67
Moz Au in the indicated category and 1.72 Moz Au in the inferre d category (for details of the MREs see
Wallbridge’s press release dated November 9, 2021 and Technical Report filed December 23, 2021 on
SEDAR).
Both properties are located on the Company’s 910 km2 land package along the Detour-Fenelon Gold Trend
in Northern Abitibi, Québec, with significant potential for further discoveries over a 97‒kilometre strike length
of this underexplored belt.
Wallbridge is also the operator of, and a 17.8% shareholder in, Lonmin Canada Inc., a privately‒held
company with a portfolio of nickel, copper, and platinum‒group metals (PGM) projects in Ontario's Sudbury
Basin.
This news release has been authorized by the undersigned on beh alf of Wallbridge Mining Company
Limited.
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]
Victoria Vargas, B.Sc. (Hon.) Economics, MBA
Investor Relations Advisor
Email: [email protected]
Forward-Looking Information
Certain statements contained in this news release may be deemed "forward–looking statements" within
the meaning of applicable Canadian securities laws. These forward–looking statements, by their nature,
require Wallbridge to make certain assumptions and necessarily involve known and unknown risks and
uncertainties that could cause actual results to differ materially from those expressed or implied in these
forward–looking statements. Forward–looking statements are not guarantees of performance. Words
such as "may", "will", "would", "could", "expect", "believe", "plan", "anticipate", "intend", "estimate",
"continue", or the negative or comparable terminology, as well as terms usually used in the future and the
conditional, are intended to identify forward–looking statements. Information contained in forward–looking
statements, including with respect to the use of proceeds of the Offering, the tax treatment of the
securities issued under the Offering under the Income Tax Act (Canada), and the timing to renounce all
qualifying expenditures in favour of the subscribers (if at all), is based upon certain material assumptions
that were applied in drawing a conclusion or making a forecast or projection, including management's
perceptions of current market conditions, the future prospects of Wallbridge, historical trends, current
conditions and expected future developments, as well as other considerations that are believed to be
appropriate in the circumstances. Wallbridge considers its assumptions to be reasonable based on
information currently available, but cautions the reader that their assumptions regarding future events,
many of which are beyond the control of Wallbridge, may ultimately prove to be incorrect since they are
subject to risks and uncertainties that affect Wallbridge, and its business.
By their nature, forward-looking statements involve numerous assumptions, inherent risks and
uncertainties, both general and specific, that contribute to the possibility that the predicted outcomes
could differ materially from those contained in such statements. These risks and uncertainties include, but
are not limited to, delays in obtaining or failures to obtain required governmental, regulatory,
environmental or other required approval, the actual results of current exploration activities, fluctuations in
prices of commodities, fluctuations in currency markets, actual results of additional exploration and
development activities at the Company’s projects, capital expenditures, the availability of any additional
capital required to advance projects, accidents, or pandemic interruptions.
Although the Company has attempted to identify important factors that could cause actual results to differ
materially from those contained in forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. These statements reflect the current internal
projections, expectations or beliefs of the Company and are based on information currently available to
the Company.
The Company does not undertake to update any forward-looking information, except in accordance with
applicable securities laws. The Company believes that the expectations reflected in those forward-looking
statements are reasonable but no assurance can be given that these expectations will prove to be correct
and such forward-looking statements included in this press release should not be unduly relied upon by
investors as actual results may vary.
Risks and uncertainties about Wallbridge’s business are more fully discussed in the disclosure material
filed with the securities regulatory authorities in Canada and available on SEDAR under the Company’s
profile at www.sedar.com. Readers are urged to read these materials and should not place undue
reliance on the forward-looking statements contained in this press release.
Covid-19 - Given the rapidly evolving nature of the Coronavirus (COVID-19) pandemic, Wallbridge is
actively monitoring the situation in order to continue to maintain as best as possible the activities while
striving to protect the health of its personnel. Wallbridge' activities will continue to align with the guidance
provided by local, provincial and federal authorities in Canada. The Company has established measures
to continue normal activities while protecting the health of its employees and stakeholders. Depending on
the evolution of the virus, measures may affect the regular operations of Wallbridge and the participation
of staff members in events inside or outside Canada.