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Wallbridge Closes Previously Announced Private Placement of Common Shares

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Wallbridge Closes Previously Announced Private Placement of Common Shares

 

 

 

 

 

Wallbridge Mining Company Limited (TSX:WM) (OTCQX:WLBMF) is pleased to announce that it has completed the previously announced non-brokered private placement with Agnico Eagle Mines Limited of 7,926,277 common shares in the capital of the Company at a price of $0.11 per common share. The Private Placement was undertaken pursuant to certain participation rights set out in a pre-existing participation agreement between the Company and a predecessor of Agnico.

 

With the net proceeds from the Private Placement, together with the $9.4 million of gross proceeds from the flow through private placement that closed on October 26, 2023, the Company expects to have a year end cash balance of approximately $25 million, which it anticipates will be sufficient to fund the 2024 exploration program on the Company’s Detour-Fenelon Gold Property. The Company will announce details of its exploration plans in 2024 once board approval has been obtained.

 

All common shares issued pursuant to the Private Placement are subject to a four month and one day statutory hold period.

 

None of the securities offered in 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 focused on creating value through the exploration and sustainable development of gold projects along the Detour-Fenelon Gold Trend while respecting the environment and communities where it operates.

 

Wallbridge’s flagship project, Fenelon Gold, is located on the highly prospective Detour-Fenelon Gold Trend Property in Québec’s Northern Abitibi region. An updated mineral resource estimate completed in January 2023 yielded significantly improved grades and additional ounces at the 100%-owned Fenelon and Martiniere projects, incorporating a combined 3.05 million ounces of indicated gold resources and 2.35 million ounces of inferred gold resources. Fenelon and Martiniere are located within an 830 km2 exploration land package controlled by Wallbridge. In addition, Wallbridge believes that the extensive land package is extremely prospective for the discovery of additional gold deposits.

 

Wallbridge has reported a positive Preliminary Economic Assessment on its 100%-owned Fenelon gold Project with an estimated average annual gold production of 212,000 ounces over 12.3 years (see Wallbridge press release of June 26, 2023).

 

Wallbridge also holds a 19.9% interest in the common shares of Archer Exploration Corp. as a result of the sale of the Company’s portfolio of nickel assets in Ontario and Québec in November of 2022.

 

The scientific and technical content of this news release has been reviewed and approved by Francois Chabot., Eng., the Company’s Manager of Technical Services, a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

 

Wallbridge will continue to focus on its core Detour-Fenelon Gold Trend Property while enabling shareholders to participate in the potential economic upside in Archer.

 

Posted November 2, 2023

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