Show printable version of 'Wallbridge Mining Announces Closing of Private Pla...' in a New Window

Press Releases

April 02, 2012
Wallbridge Mining Announces Closing of Private Placement

Toronto, Ontario - April 2, 2012 - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") is pleased to announce it has completed a non-brokered private placement of 5,875,557 flow-through units of the Company (each a "Flow-Through Unit") at $0.21 per Flow-Through Unit (the "Offering"), raising aggregate gross proceeds of $1,233,867. Each Flow-Through Unit is comprised of (1) flow-through common share of the Company and one-half of one common share purchase warrant (each whole warrant a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share of the Company at a price of C$0.40 at any time prior to 5:00 p.m. (Toronto time) on March 30, 2013.

Commenting on the Offering, Marz Kord, President of Wallbridge stated "This placement provides us with additional funds to accelerate a very active exploration program on our Canadian properties. We are very pleased with the support of a new major institutional holder, and our other long term shareholders."

The gross proceeds raised from the issuance of the Flow-Through Units will be used by the Company to incur exploration expenditures on its Canadian properties 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 effective for the 2012 taxation year.

A cash fee of 6% of the gross proceeds raised and 6% compensation options was paid to Pope & Company Limited and Macquarie Private Wealth Inc., being the finders used by the Company in connection with the Flow-Through Unit Offering. Each Compensation Option is exercisable into a compensation unit (the "Compensation Units") at a price of $0.21 per Compensation Unit for a period ending on March 30, 2013 where each Compensation Unit shall be comprised of (1) one non-flow-through common share of the Company and (2) one-half of one common share purchase warrant (each whole warrant being hereinafter referred to as a "Compensation Warrant"). Each Compensation Warrant will entitle the Finder to purchase one common share of the Company at a price of C$0.40 at any time prior to 5:00 p.m. (Toronto time) on March 30, 2013.

About Wallbridge Mining

Wallbridge Mining Company Limited (WM:TSX) is an established metals company working to build sustainable growth for investors through discovery and development of mineral resources.

Wallbridge specializes in nickel, copper, platinum, palladium and gold projects in mining friendly jurisdictions of North America, with a particular focus on Sudbury, Ontario. Wallbridge's position in Sudbury offers unique large-scale discovery upside in Canada's premier mining district.

Wallbridge has a record of generating high potential projects and financing exploration through joint ventures or spin-out companies. Wallbridge has 48 exploration to pre-feasibility stage mineral projects. These include 12 joint ventures with partners Impala Platinum Holdings Limited, Lonmin Plc, Xstrata Nickel and a number of junior mining companies.

Wallbridge also holds significant equity interests in spin-out companies Duluth Metals Limited (DM:TSX) and Miocene Metals Limited (MII:TSV).

For Further Information

Please visit the Company's website at, or contact:

Wallbridge Mining Company Limited

Joshua Bailey, M.Sc., P.Geo
Vice President Corporate Development
Tel: (705) 682-9297 ext. 240
Email: [email protected]

This document may contain forward-looking statements relating to operations of Wallbridge or its subsidiaries or to the environment in which they operate. 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.