TORONTO, April 28 /CNW/ - Wallbridge Mining Company Limited ("Wallbridge" or the "Company") (TSX: WM) is pleased to announce it has completed a brokered private placement with Industrial Alliance Securities Inc. and Secutor Capital Management Corporation in respect of a private placement for the sale of 3,125,000 flow-through common shares (the "Flow-Through Common Shares") at CDN$0.32 per Flow-Through Common Share raising aggregate gross proceeds of CDN$1,000,000 and of 4,000,000 units (the "Units") at CDN$0.25 per Unit raising aggregate gross proceeds of CDN$1,000,000. The offerings in respect of the Flow-Through Common Shares and Units were both fully subscribed.
Commenting on the placements Alar Soever, President and CEO of Wallbridge stated "We are very pleased with the support shown by the investors in these placements. We look forward to a very active summer exploration program on our Sudbury properties. Investors in these placements will also be eligible to receive a Special Warrant in our spin-out company, Miocene Metals Limited. The spin-out transaction was described in our press releases dated March 31, 2010 and April 19, 2010".
Each Flow-Through Common Share consists of one common share (the "Common Shares") of the Company issued on a flow-through basis. Each Unit consists of one Common Share of the Company and one-half of one Common Share purchase warrant. Each whole warrant is exercisable at a price of CDN$0.40 per share at any time prior to the close of business on October 26, 2011.
The aggregate proceeds raised from the issuance of the Flow-Through Common Shares will be used by the Company to incur exploration expenditures on its properties in Ontario which will constitute "Canadian exploration expenses" and "flow-through mining expenditures" (as defined in the Income Tax Act (Canada)) which can be renounced to purchasers for the 2010 taxation year and the aggregate proceeds raised from the issuance of the Units will be used for working capital purposes.
About the Companies
Wallbridge Mining Company Limited's primary focus is the exploration for platinum group element ("PGE"), nickel, and copper 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.
Miocene Metals Limited will be a company focused on exploration for and development of copper-gold-molybdenum resources in southwestern British Columbia within the Cascade Magmatic Arc.
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 Company's 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