Wallbridge Mining Company Limited (TSX:WM) (FWB: WC7) is pleased to announce the closing of its previously announced non-brokered private placement through the issuance of 28,518,657 common shares of the Company at a price of C$0.07 per Share for gross proceeds of$1,996,306. No finder fees or commissions were paid in connection with the Offering.
William Day Holdings Limited acquired 27,142,857 Shares for total consideration to the Company of $1,900,000. Prior to the Acquisition, William Day owned 27,652,050 Shares of the Company representing approximately 9.35% of the issued and outstanding Shares of the Company. In addition, William Day currently owns 11,722,050 additional Share purchase warrants. Following the Acquisition, William Dayowns 54,794,907 Shares of the Company representing approximately 16.98% of the issued and outstanding Shares on a non-diluted basis, and approximately 19.89% on a partially diluted basis.
All securities issued under the Offering are subject to a statutory hold period of four months in accordance with applicable securities legislation. The proceeds of the Offering will be used to fund the 35,000-tonne bulk sample at Wallbridge’s 100%-owned Fenelon Gold Deposit in Quebec (see Wallbridge news release issued May 1, 2018).
About Wallbridge Mining
Wallbridge is working to establish 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 Goldproperty 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. Wallbridge is also continuing partner-funded exploration on its large portfolio of nickel, copper, and PGM projects inSudbury, Ontario, with a focus on its high-grade Parkin project.
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We acknowledge the [financial] support of the Government of Canada.