Wallbridge Mining Company Limited (TSX:WM) (FWB: WC7) announced it has closed a non-brokered private placement financing of 74,543,860 common shares at an issue price of $0.57 per common share for aggregate gross proceeds of $42,490,000. Net proceeds of the Offering will be used to advance Wallbridge’s 100%-owned Fenelon Gold Property and for general corporate purposes.
“The closing of this financing provides the Company with the required financial resources to complete its planned 2020 exploration activities as we advance Fenelon towards production,” stated Marz Kord, Wallbridge President & CEO.
All securities issued under the Offering will be subject to a four month hold period from the date of issuance in accordance with applicable securities laws. The Offering is subject to final acceptance of the Toronto Stock Exchange.
About Wallbridge Mining
Wallbridge is establishing a pipeline of projects that will support sustainable 100,000 ounce-plus annual gold production as well as organic growth through exploration and scalability.
The Company is currently developing its 100%-owned Fenelon Gold Property, which is located proximal to the Sunday Lake Deformation Zone, an emerging gold belt in northwestern Quebec with an ongoing 70-80,000 m exploration drill program in 2019 and a recently-completed 33,500-tonne bulk sample. Wallbridge is also pursuing additional advanced-stage projects which would add to the Company’s near-term project pipeline. Wallbridge is also the operator of, and a 20% shareholder in, Loncan Canada Inc., a privately-held company with a large portfolio of nickel, copper, and PGM projects in Ontario’s Sudbury Basin.
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We acknowledge the [financial] support of the Government of Canada.