Press ReleasesJuly 31, 2009
Wallbridge Mining Announces Further Closings of Private Placements
Toronto, Ontario - July 31, 2009 - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) is pleased to announce that it has closed on further tranches of two private placement financings (the "Offerings"). The closings comprised of 3,923,633 flow-through common shares (the "Flow-Through Common Shares") placed with the MineralFields Group at $0.11 per Flow-Through Common Share, and 2,400,000 Units at $0.10 per Unit, raising aggregate proceeds of $671,600. These funds are in addition to the initial closings of $305,000 announced July 22, 2009, and bring the total closed to date to $976,600. Further closings are expected next week.
Commenting on the placements Alar Soever, President and CEO of Wallbridge stated "We are very pleased with our ongoing relationship with MineralFields Group, and the support shown by the other investors in these placements. These funds provide us with the ability to advance high priority projects including drill testing our Rogers Creek, BC porphyry-copper-gold-molybdenum project where we recently defined an extremely attractive IP target. (See Press Release dated July 10, 2009.)
The Offerings consist of (i) up to 6,818,181 Flow-Through Common Shares at $0.11 per share ($750,000), which has been fully subscribed, and (ii) up to 7,500,000 Units at $0.10 per Unit ($750,000). Further closings with respect to the offering of Flow-Through Common Shares are expected to occur within the next week.
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.
The proceeds raised under the offering of Flow-Through Common Shares will be used for Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)) (the "Tax Act") which qualify as "flow-through mining expenditures" for purposes of the Tax Act related to the Corporation's exploration projects in Ontario and British Columbia, Canada. The Corporation will renounce such Canadian exploration expenses with an effective date of December 31, 2009.
Wallbridge raised $431,600 in respect of the placement of 3,923,633 Flow-Through Common Shares which were issued on July 23, 2009. A further $240,000 was raised in respect of the aggregate placement of 2,400,000 Units which were distributed on July 24, 2009, July 28, 2009 and on July 31, 2009. TSX approval is subject only to filing closing documentation, as preliminary approvals were given in respect of 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 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) 369-1500, Ext. 222
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.