TORONTO, April 29, 2016 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge") is pleased to announce that it completed a non-brokered private placement of an aggregate of 11,700,000 units in the capital of Wallbridge (the "Units") at $0.05 (Canadian) per Unit raising aggregate proceeds of $585,000 (collectively, the "Offering"). The gross proceeds of the Units sold under the Offering will be used for general working capital purposes and exploration and development.
"This placement was strategic for the growth of our company, in that $500,000 was subscribed for by William Day Construction ("Day") of Sudbury. Day was instrumental in the successful operation of our Broken Hammer open pit in 2014 & 2015, which achieved all of its operating cost targets and was completed with no lost time accidents" , stated Marz Kord, President & CEO of Wallbridge. "We are pleased to have them as a shareholder and have entered into a Cooperation Agreement with Day whereby they will be the preferred surface mining and transportation contractor for our future projects based on commercially available terms. This relationship with Day provides us with access to an excellent operating team and enhances our ability to repeat our Broken Hammer success on future projects."
The Offering received preliminary approval of the Toronto Stock Exchange on April 21, 2016, when the Cooperation Agreement was reached, subject only to filing closing documentation. The Units were sold at $0.05 (Canadian) per Unit with each Unit being comprised of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one additional common share of Wallbridge on or before April 29, 2017 at an exercise price of $0.08 (Canadian) per share.
About Wallbridge Mining
Wallbridge creates value through the acquisition, discovery, development, and production of metals. Wallbridge is working to establish a portfolio of projects that will support sustainable production and revenue as well as organic growth through exploration and scalability.
Wallbridge is currently in discussions regarding several advanced stage projects which could become the Company's next production platforms. These discussions benefit from the operating capabilities Wallbridge demonstrated by safely and efficiently mining the Broken Hammer deposit, which was completed in October 2015.
Wallbridge is continuing active partner-funded exploration on its large portfolio of nickel, copper, and PGM projects in Sudbury, Ontario. Most of this work is funded by joint venture partners and has led to the discovery of numerous mineral occurrences including the Broken Hammer deposit.
Wallbridge has further exposure to active exploration for copper and gold in Jamaica and British Columbia through its 16.8% ownership of Carube Copper Corp. ("Carube Copper") (CUC:TSX-V, formerly Miocene Resources Limited). Carube Copper's activities in Jamaica benefit from the funding by OZ Minerals Limited ("OZ Minerals"), with whom Carube Copper has two joint ventures.
This press release may contain forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the operations of Wallbridge and the environment in which it operates. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Wallbridge has relied on a number of assumptions and estimates in making such forward-looking statements, including, without limitation, the costs associated with the development and operation of its properties. Such assumptions and estimates are made in light of the trends and conditions that are considered to be relevant and reasonable based on information available and the circumstances existing at this time. A number of risk factors may cause actual results, level of activity, performance or outcomes of such exploration and/or mine development to be materially different from those expressed or implied by such forward-looking statements including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the possibility of changes to project parameters as plans continue to be refined, the ability to execute planned exploration and future drilling programs, the need for additional funding to continue exploration and development efforts, changes in general economic, market and business conditions, and those other risks set forth in Wallbridge's most recent annual information form under the heading "Risk Factors" and in its other public filings. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Wallbridge. Although Wallbridge has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof.
Wallbridge 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. The forward-looking statements contained herein are expressly qualified by this disclaimer.
SOURCE Wallbridge Mining Company Limited
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For further information: Please visit Wallbridge's website at www.wallbridgemining.com, or contact: Wallbridge Mining Company Limited, Joshua Bailey, M.Sc., P.Geo, Vice President Exploration, Tel: (705) 682-9297 ext. 240, Email: email@example.com; Linda Zubal, Vice President Corporate Communications, Tel: (705) 682-9297 ext. 263, Email: firstname.lastname@example.org