Press ReleasesMarch 25, 2011
Wallbridge Mining Announces Closing of Private Placement
TORONTO, March 25, 2011 /CNW/ - Wallbridge Mining Company Limited ("Wallbridge" or the "Company") (TSX: WM) is pleased to announce it has completed a non-brokered private placement of 3,000,000 flow-through common shares of the Company (each a "Flow-Through Share") at $0.26 per share (the "Offering") raising aggregate gross proceeds of $780,000. The Offering was fully subscribed.
Commenting on the Offering, Alar Soever, President and CEO of Wallbridge stated "We are very pleased to have added two new institutional investors to our already broad shareholder base. This placement will be used to fund the recently announced drilling at the Broken Hammer Zone and a very active summer exploration program on our other Sudbury properties".
The gross proceeds raised from the issuance of the Flow-Through Shares will be used by the Company to incur exploration expenditures on its properties in Ontario which will constitute "Canadian exploration expenses" and "flow-through mining expenditures" (as defined in the Income Tax Act (Canada)) which can be renounced to purchasers for the 2011 taxation year.
A cash fee of 6% of the gross proceeds raised was paid to Topleft Securities Ltd., being the finder used by the Company in connection with the Flow-Through Offering.
Wallbridge Mining Company Limited's primary focus is the exploration for platinum group element ("PGE"), nickel, and copper 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.
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.
For Further Information
Please visit the Company's 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]