Press ReleasesAugust 06, 2009
Wallbridge Mining Announces Final Closing of Private Placement
Toronto, Ontario - August 6, 2009 - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) is pleased to announce that it has closed on the final tranche of its private placement financings (the "Offerings") referred to in its July 22, 2009 and July 31, 2009 press releases. The final closing comprised 1,394,545 flow-through common shares (the "Flow-Through Common Shares") placed with Dundee Securities Corporation at $0.11 per Flow-Through Common Share raising aggregate proceeds of $153,400. These funds are in addition to the closings of $305,000 announced on July 22, 2009 and $671,600 announced on July 31, 2009, bringing the aggregate closing proceeds to $1,130,000. TSX approval is subject only to filing closing documentation, as preliminary approvals, in respect of the Offerings were given on April 27, 2009 and June 23, 2009.
Commenting on the placements Alar Soever, President and CEO of Wallbridge stated "This concludes our current financing, and we are now well financed to advance our highest 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 as completed consisted of: (i) 6,818,181 Flow-Through Common Shares at $0.11 per share ($750,000) (the "Flow-Through Offering), and (ii) 3,800,000 Units at $0.10 per Unit ($380,000) (the "Unit Offering").
The proceeds raised under the Flow-Through Offering will be used for Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)) (the "Tax Act"), on the Corporation's exploration projects in Ontario and British Columbia, Canada, which Canadian exploration expenses qualify as "flow-through mining expenditures" for purposes of the Tax Act. The Corporation will renounce such Canadian exploration expenses with an effective date of December 31, 2009. The proceeds raised under the Unit Offering will be used for general working capital purposes.
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 and CEO
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.