TORONTO, June 17 /CNW/ - Miocene Metals Limited (the "Corporation" or "Miocene Metals"), a wholly owned subsidiary of Wallbridge Mining Company Limited (TSX: WM), is pleased to announce that it has closed on its first two tranches of a private placement financing of units ("Units"). Each Unit comprised in the offering (the "Offering") is issuable at $0.15 (Canadian) and consists of one common share in the capital of the Corporation and one-half of one common share purchase warrant with each whole warrant entitling the holder thereof to purchase one common share at an exercise price of $0.25 (Canadian) per share at any time on or before 5:00 p.m. (Toronto time) June 7, 2012. The private placement financing raised aggregate gross proceeds of $554,950 through the placement 3,699,644 Units.
The Corporation is also pleased to announce that due to increased demand from investors, the Corporation has increased the size of the Offering from $600,000 (4,000,000 Units) to up to $750,000 (5,000,000 Units), which the Corporation believes is in its best interests.
Bruce Jago, President and CEO of Miocene Metals commented that "This placement has put the Corporation on a solid financial footing to begin its operations on Wallbridge's seven BC properties. These properties will be acquired by Miocene Metals which will continue its development towards concluding a liquidity event, as described in prior Wallbridge press releases. The level of support we have received to begin building this new copper, gold and molybdenum company is very satisfying and is a strong recognition of the exploration potential of these seven properties. A very active summer program is planned including drilling on strong geological and geophysical targets on our Rogers Creek property and surface sampling followed by drilling of significant molybdenum occurrences on the Salal property, and copper and gold occurrences on MacKenzie."
About Miocene Metals Limited
Miocene Metals is focused on the acquisition and exploration of Wallbridge's seven porphyry copper-gold-molybdenum properties in south-western British Columbia within the Miocene-aged Cascade Magmatic Arc. The Cascade Arc shares many geological characteristics with the Miocene-age porphyry belt that stretches the length of Chile and Argentina in South America and hosts some of the world's largest porphyry copper-gold-molybdenum deposits including Chuquicamata, El Teniente and Los Bronces.
The Corporation is a private issuer. None of the Unit Shares, Warrants or Warrant Shares may be transferred without the express consent of a majority of the directors of the Corporation. Additionally under applicable securities laws, the securities issued pursuant to the private placement described herein are subject to a seasoning period of four months and a day after the date the Corporation becomes a reporting issuer in a jurisdiction of Canada.
This document may contain forward-looking statements relating to Miocene's operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Miocene's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Miocene disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
SOURCE Wallbridge Mining Company Limited
For further information: For further information: Please visit the Wallbridge website at www.wallbridgemining.com, or contact Miocene Metals Limited, Bruce Jago, President and CEO, Tel: (705) 682-9297, Email: email@example.com