Press ReleasesDecember 15, 2006
Wallbridge Announces Private Placement Financing
Toronto, Ontario -- December 15, 2006 -- Wallbridge Mining Company Limited (TSX: WM) today announced it is currently in the process of completing a non-brokered private placement financing for the sale of up to approximately 6.0 million flow-through common shares at $0.50 per share, and 3.0 million non-flow through units at $0.50 per unit aggregating $4.5 million in total private placement financing. The financing is subject to regulatory approval. The funds will be used to advance exploration on the Company's Sudbury area properties and in the case of the non-flow-through units for working capital purposes.
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 $0.75 for a period of two years from closing.
The Corporation may pay finder's fees in the event agents are used to source subscriptions, which fees will be equal to up to 6% of the gross proceeds of all Flow-Through Common Shares and Units sold as a result of the efforts of such agents.
The Company is currently completing a NI-43-101 compliant initial economic assessment (scoping study) on its Broken Hammer resource, and has active drilling programs on its North Range project. Once these programs are complete, drilling will be focused on mineralization which was discovered last year on the Trill and Frost Lake properties.
About Wallbridge Mining
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 Complex base metal camp in Minnesota.
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
Email: [email protected]
Mara Strazdins, Vice-President, Investor Relations
Tel: (416) 710-0646
Email: [email protected]
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.