Show printable version of 'Wallbridge Mining Announces Closings of Private Pl...' in a New Window

Press Releases

July 22, 2009
Wallbridge Mining Announces Closings of Private Placements

Toronto, Ontario - July 22, 2009 - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) is pleased to announce that it has closed on tranches of two private placement financings ("the Offerings"). The closings to date comprised 1,400,000 Units at $0.10 per Unit and 1,500,000 Flow Through Shares at $0.11 per share raising aggregate proceeds of $305,000.

The Offerings consist of (i) up to 6,818,181 Flow Through Shares at $0.11 per share ($750,000), which is now fully subscribed, and (ii) up to 7,500,000 Units at $0.10 per unit ($750,000). Further closings with respect to the Offerings are expected to occur within the next two weeks.

Commenting on the placements Alar Soever, President and CEO of Wallbridge stated, "These placements are in keeping with our philosophy of tailoring the size of placements to our immediate needs in order to minimize dilution while still maintaining adequate working capital to advance high priority projects such as our Rogers Creek, BC porphyry-copper-gold-molybdenum project."

Each Unit is comprised of one common share and one-half of one common share purchase warrant where each whole warrant entitles the holder thereof to purchase one additional common share within a period of two years from closing at an exercise price of $0.20 (Canadian) per share.

Wallbridge raised $90,000 in respect of the placement of 900,000 Units, which closed on July 13, 2009. A further $215,000 was raised in respect of the placement of 500,000 Units and 1,500,000 Flow Through Shares, which closed on July 21, 2009. TSX approval is subject only to filing closing documentation, as preliminary approvals were given in respect to the Offerings on April 27, 2009 and June 23, 2009.

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.

For Further Information

Please visit the Wallbridge website at, or contact:

Wallbridge Mining Company Limited


Alar Soever, President

Mara Strazdins, Vice-President, Investor Relations

Tel: (705) 682-9297

Tel: (416) 369-1500, 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.