Press ReleasesJune 02, 2011
Wallbridge Mining Announces Closing of Private Placement
TORONTO, June 2, 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 3,808,076 flow-through common shares of the Company (each a "Flow-Through Share") at $0.26 per share (the "Offering"), raising aggregate gross proceeds of $990,100.
Commenting on the Offering, Alar Soever, President and CEO of Wallbridge stated "This placement provides us with additional funds to accelerate a very active summer exploration program on our Sudbury properties. We are very pleased with the continued support of the MineralFields Group, and our other long term shareholders."
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. and Limited Market Dealer Inc., being the finders used by the Company in connection with the Flow-Through Offering.
About the Company
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. Duluth Metals is advancing this resource through feasibility in joint venture with Antofagasta plc, one of the world's major copper producers. Wallbridge also holds a significant shareholding Miocene Metals Limited, which was formed to finance the exploration of a portfolio of copper-gold-molybdenum properties in southwestern BC.
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]
About MineralFields, Pathway and First Canadian Securities (r)
MineralFields Group (a division of Pathway Asset Management), based in Toronto, Montreal, Vancouver and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. The sector focus is on gold and precious metals, base metals, rare earths and lithium, potash, uranium, oil, coal and gas. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities (r) (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities (r), and have raised over $1 billion in their 10 year history.
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.