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Wallbridge Announces Closing of $2.5 Million Private Placement

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Wallbridge Announces Closing of $2.5 Million Private Placement

 

 

 

 

 

Wallbridge Mining Company Limited (TSX:WM) (FWB: WC7) is pleased to announce that it has closed a non-brokered private placement through the issuance of 6,667,000 common shares in the Company on a flow-through basis at a price of $0.225 per Super FT Share and 4,875,000 common shares in the capital of the Company on a flow-through basis at a price of $0.20 per National FT Share, for aggregate gross proceeds of $2,475,075. Collectively, the Super FT Shares and National FT Shares are the “Offered Securities“.  Eric Sprott purchased $400,000 National FT Shares of the Offering.

 

The gross proceeds from the issuance of the Offered Securities will be used for Canadian Exploration Expenses and will qualify as “flow-through mining expenditures”, as defined in subsection 127(9) of the Income Tax Act (Canada). The Super FT Shares will also qualify for the two 10% enhancements under section 726.4.9 and section 726.4.17.1 of the Quebec Taxation Act, which will be renounced with an effective date no later than December 31, 2018 to the initial purchasers of the Offered Securities in an aggregate amount not less than the gross proceeds raised.

 

In connection with the Offering, the Company paid a cash finder’s fee of $124,504 to Topleft Securities Ltd.  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.

 

The Offering constituted a related party transaction within the meaning of Multilateral Instrument 61-101 as Mr. Sprott, a reporting insider of the Company subscribed for 2,000,000 common shares in the capital of the Company on a flow-through basis pursuant to the Offering.  The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Offering by Mr. Sprott does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.  The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the Offering, which the Company deems reasonable in the circumstances in order to complete the Offering in an expeditious manner.

 

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 developing its 100%-owned high-grade Fenelon Gold property in Quebec with ongoing exploration and a bulk sample in 2018. Wallbridge is also pursuing other additional advanced-stage projects which would add to the Company’s near-term project pipeline. 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. As part of this strategy, the Company recently optioned the Beschefer Project, an advanced gold property with proven size and grade-potential near Fenelon Gold.  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 exploration for copper and gold in Jamaica and British Columbia through its 11.3% ownership of Carube Copper Corp. (CUC:TSX-V, formerly Miocene Resources Limited, a Wallbridge spin-out of its BC assets).

 

Posted December 19, 2018

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