Press ReleasesJuly 12, 2006
Wallbridge Announces Private Placement Financings
Toronto, Ontario -- July 12, 2006 -- Wallbridge Mining Company Limited (TSX:WM) announces that to date it has closed two private placement tranches and is currently in the process of closing further tranches of non-brokered private placements of (i) 5,490,000 flow-through common shares at $0.32 per flow-through common share and (ii) up to 1,250,000 non flow- through Units at $0.32 per Unit. Total gross proceeds for the private placements will be $2,156,800.
Each non flow-through Unit consists of one common share in the capital of the Corporation and one half of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder thereof to purchase an additional common share of the Corporation at $0.40 per share at any time on or prior to 24 months following the closing date.
The flow-through private placement is entirely subscribed for and the non flow-through Unit offering is presently receiving further subscriptions.
The funds from the flow-through private placement will be used to advance the exploration of its Sudbury area properties. The funds received from the non flow-through Unit offering will be used for general corporate purposes.
Wallbridge Mining Company Limited explores for and develops nickel, copper and platinum group element (PGE) 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 a major shareholding in Duluth Metals Limited, which has a significant property position in the rapidly emerging Duluth base metal camp.
For Further Information
Please visit the Company's website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Alar Soever, President
Tel: (705) 682-9297
CHF Investor Relations
Mara Strazdins, P.Geo., 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.