Press ReleasesOctober 08, 2004
Wallbridge Announces Private Placement Financing
Toronto, Ontario - October 8, 2004 - Wallbridge Mining Company Limited (TSX: WM) today announced it has entered into an agreement with a syndicate of investment dealers co-led by GMP Securities and Dundee Securities Corporation and including Canaccord Capital Corporation and Toll Cross Securities Inc. for the sale of up to approximately 5.8 million flow-through common shares at $0.60 per share, and 2.5 million non-flow-through units at $0.60 per unit aggregating $5 million in total private placement financing. The non-flow-through units consist of a common share and half of one common share purchase warrant. Each whole warrant gives the subscriber the right to purchase a common share at $0.95 for a period of two years from closing. The financing is subject to regulatory approval. The funds will enable the Corporation to increase its exploration activities on existing properties.
The Company is currently drilling at the Broken Hammer zone on its Wisner property in Sudbury. The Company is also active on a number of its other Sudbury-area properties as well as at the Wakami and Hong Kong Joint Venture properties in northeastern Ontario.
About the Company
Wallbridge Mining Company Limited was established in 1996 to explore for and develop nickel, copper and platinum group element deposits. The Company's principal properties are located in the Sudbury Basin in Ontario. The Sudbury area hosts the world's largest concentration of nickel deposits and is currently the most active mining camp in North America. Wallbridge also has properties elsewhere in northern Ontario, Nova Scotia and near Duluth, Minnesota.
FOR FURTHER INFORMATION please visit the Company's website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Richard Murphy, Vice President Corporate Development
Tel: (705) 682-9297
Cavalcanti Hume Funfer Inc., Investor Relations
Nick Kohlmann, Vice President
Tel: (416) 868-1079 ext. 222
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.