TORONTO, Nov. 27 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) is pleased to announce that it has closed on three tranches of a private placement financing (the "Offering"). The closings comprised of an aggregate placement of 3,574,077 flow-through common shares (the "Flow-Through Common Shares") at $0.27 per Flow-Through Common Share, raising aggregate proceeds of $965,000.80. Further closings are expected to occur in the next few weeks.
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. These funds provide us with the ability to advance high priority projects including further drill testing our Rogers Creek, BC porphyry-copper-gold-molybdenum project, and several of our Sudbury area PGE-copper-nickel properties."
The Offering consists of up to 4,000,000 Flow-Through Common Shares at $0.27 per Flow-Through Common Share.
The proceeds raised under the 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.
Wallbridge raised $351,000 in respect of the placement of 1,300,000 Flow-Through Common Shares which were issued on November 19, 2009. An additional $64,000 was raised in respect of the aggregate placement of 237,037 Flow-Through Common Shares which were issued on November 20, 2009. A further tranche which closed on November 26, 2009 raised $550,000.80 in respect of the aggregate placement of 2,037,040 Flow-Through Common Shares, bringing the total funds raised to date in respect of the Offering to $965,000.80. 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