TORONTO, Nov. 12, 2014 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") is pleased to announce that it has closed on its previously disclosed share purchase transaction with Antofagasta Investment Company Limited ("Antofagasta"), whereby Antofagasta purchased 5,075,061 common shares in the capital of Duluth Metals Limited ("Duluth Metals") from Wallbridge at $0.45 (Canadian) per share for aggregate gross proceeds of $2,283,777.45. For more information regarding this transaction or Antofagasta's proposed acquisition of Duluth Metals, please refer to Wallbridge's and Duluth Metals' respective press releases dated November 3, 2014.
Concurrent with the closing of the share purchase transaction with Antofagasta, Wallbridge also prepaid US$750,000 of its outstanding US$1.5 million bridge loan owing to Auramet International LLC ("Auramet"). No penalty was payable by Wallbridge to exercise its prepayment rights in respect of the Auramet loan.
About Wallbridge Mining
Wallbridge Mining Company Limited (WM:TSX) is currently operating its first polymetallic mine, producing copper, platinum, palladium, and gold from the Broken Hammer open pit mine in Sudbury, Ontario, Canada's premier mining district.
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". 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. 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
For further information: Please visit the Company's website at www.wallbridgemining.com, or contact: Linda Zubal, Vice President, Corporate Communications, Tel: (705) 682-9297 ext. 263, Email: [email protected]