TORONTO, May 9, 2014 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") held its Annual General and Special Meeting of shareholders (the "Meeting") on May 6, 2014 whereby each of the following directors were elected for a term of office of one year or until their successors are otherwise duly elected or appointed: Faramarz (Marz) Kord; Alar Soever, Warren Holmes, Darryl Sittler, Parviz Farsangi, René Galipeau, Roland Horst and Elaine Ellingham. All the proposed director nominees received more than 98% of the votes represented at the meeting cast in favour of their respective elections.
The shareholders also approved, confirmed and ratified the company's Shareholder Protection Rights Plan Agreement, as amended. Further details on these matters are set forth in Wallbridge's Meeting materials accessible on the company's website and the report of voting results for these items and other resolutions proposed at the Meeting may be located on Wallbridge's SEDAR corporate profile page.
Commenting on the results of the Meeting, Marz Kord, the company's President and CEO stated: "We are extremely pleased with the shareholders' level of participation and support shown for the company's various initiatives."
Wallbridge is also pleased to announce it has completed a private placement of 4,889,556 flow-through units of Wallbridge (each a "Flow-Through Unit") at $0.09 per Flow-Through Unit, raising aggregate gross proceeds of $440,060.04. Each Flow-Through Unit is comprised of (1) flow-through common share of Wallbridge and one-half of one common share purchase warrant (each whole warrant a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share of Wallbridge at a price of C$0.16 at any time prior to 5:00 p.m. (Toronto time) on May 8, 2015.
Commenting on the offering, Marz Kord stated "This placement provides us with additional funds to continue with our exploration programs on our Sudbury properties. We are very pleased with the support of new shareholders and our other long term shareholders as this will provide Wallbridge with the required funding until Broken Hammer project generates positive cash flow."
The gross proceeds raised from the issuance of the Flow-Through Units will be used by Wallbridge to incur exploration expenditures on its Canadian properties 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 effective for the 2014 taxation year.
The private placement consists of an offering of up to 10,000,000 Flow-Through Units with an over-allotment option exercisable at the discretion of the company for the issuance of an additional 2,000,000 Flow-Through Units.
A cash fee of 6% of the gross proceeds raised and 6% compensation options were paid and issued to finders used by Wallbridge in connection with the offering. Each compensation option is exercisable into a compensation unit (the "Compensation Units") at a price of $0.09 per Compensation Unit for a period ending on May 8, 2015 where each Compensation Unit is comprised of (1) one non-flow-through common share of Wallbridge and (2) one-half of one common share purchase warrant (each whole warrant being hereinafter referred to as a "Compensation Warrant"). Each Compensation Warrant entitles the holder thereof to purchase one common share of Wallbridge at a price of C$0.16 at any time prior to 5:00 p.m. (Toronto time) on May 8, 2015.
About Wallbridge Mining
Wallbridge Mining Company Limited (WM:TSX) is an established junior company formed in 1996 to explore and develop mineral projects in mining friendly jurisdictions of North America.
Wallbridge is currently exploring and developing a large package of properties in Sudbury, Ontario, Canada's premier mining district. These include the Broken Hammer open pit mining project and significant exploration joint ventures with partners Lonmin Plc, Impala Platinum Holdings Limited and Glencore in Sudbury.
In 2005, Wallbridge created Duluth Metals Limited (TSX:DM) to explore and develop projects in Minnesota, USA. Duluth Metals has since defined the world's largest undeveloped sulfide platinum group metals, copper and nickel deposit which it is developing through Twin Metals Limited, a joint venture with copper producer Antofagasta Plc. Wallbridge currently retains 10.1 million shares of Duluth Metals (7.4%).
In 2010, Wallbridge created Miocene Metals Limited (TSXV:MII) to explore and develop porphyry copper-gold-molybdenum projects in British Columbia, Canada, within a previously under-recognized belt of Miocene-age intrusions. These projects are early stage with large mineralized structures and alteration zones that are ready for drilling with potential for large tonnage deposits. Miocene is currently in the process of merging with Carube Resources Inc. which has an attractive portfolio of copper-gold exploration properties in Jamaica which are joint ventured with OZ Minerals. Wallbridge currently retains 28.4 million shares of Miocene Metals (40.5%).
Wallbridge has a record of successfully generating high potential mineral projects and structuring partnerships and new companies to create value for its shareholders and its partners.
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
For further information: Please visit the Company'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 protected]; Linda Zubal, Vice President Corporate Communications, Tel: (705) 682-9297 ext. 263, Email: [email protected]