TORONTO, Jan. 6 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) is pleased to announce that it has closed the final tranche of a further flow-through share private placement financing consisting of flow-through common shares ("Flow-Through Common Shares") sold at a price of $0.27 per share (the "Flow-Through Offering"). The Flow-Through Offering was made by the Corporation after receiving additional investor interest for Flow-Through Common Shares following its last flow-through share private placement financing which was fully subscribed and raised aggregate of proceeds of $1,619,999.80 (See December 15, 2009 Press Release). The closing in respect of this Flow-Through Offering was comprised of an aggregate placement of 110,000 Flow-Through Common Shares raising aggregate proceeds of $29,700.
The Corporation also closed on a non-flow-through private placement consisting of units (the "Units") sold at a price of $0.23 per Unit, which Units are comprised of one non-flow-through common share and one-half of one common share purchase warrant (each whole warrant referred to as a "Warrant") where each Warrant entitles the holder thereof to purchase one additional common share within a period of two years from closing at an exercise price of $0.35 per Warrant (the "Unit Offering"). The closing in respect of this Unit Offering raised aggregate proceeds of $66,700 with the issuance of 290,000 Units.
Commenting on the placements Alar Soever, President and CEO of Wallbridge stated "We are very pleased with the continued support shown by investors in our recent flow-through share and non-flow-through share placements. In addition to the funds raised from the last flow-through share private placement financing, the funds raised from this Flow-Through Offering and Unit Offering will allow us to continue to advance our Sudbury properties, follow-up on the drill results on our Rogers Creek property, as well as carry out an initial program on the properties we recently acquired in what is emerging as a new porphyry copper-gold-molybdenum belt in southwest BC. We look forward to an active 2010 exploration year."
The proceeds raised under the Flow-Through Offering will be used for Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)) (the "Tax Act") which qualify as "flow-through mining expenditures" for purposes of the Tax Act related to the Corporation's exploration projects in Ontario and British Columbia, Canada. The Corporation will renounce such Canadian exploration expenses with an effective date of December 31, 2009.
TSX approval is subject only to filing closing documentation.
About Wallbridge Mining Company Limited
Wallbridge Mining Company Limited's primary focus is the exploration of nickel, copper and platinum group element ("PGE") deposits in the Sudbury area of Ontario. The Sudbury area hosts the world's largest concentration of nickel deposits and is currently the most active mining camp in North America. Major joint venture partners in Sudbury include Vale Inco, Xstrata Nickel, Lonmin Plc and Impala Platinum Holdings Limited. Wallbridge also has a major shareholding in Duluth Metals Limited, which has defined a large copper-nickel-PGE resource in the rapidly emerging Duluth Complex base metal camp in Minnesota. Wallbridge is also exploring a large porphyry copper-gold-molybdenum property in south-western British Columbia and has interests in copper-zinc and gold properties in north-eastern Ontario.
This document may contain forward-looking statements relating to Wallbridge'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 Wallbridge'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. 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.
SOURCE Wallbridge Mining Company Limited
For further information: For further information: Please visit the Wallbridge website at www.wallbridgemining.com, or contact: Wallbridge Mining Company Limited, Alar Soever, President and CEO, Tel: (705) 682-9297, Email: firstname.lastname@example.org; Mara Strazdins, Vice-President, Investor Relations, Tel: (416) 369-1500, Ext. 222, Email: email@example.com