Business
Wallbridge Announces Closing of $7.9 Million Private Placement
Wallbridge Announces Closing of $7.9 Million Private Placement Canada NewsWire T...
About this update from Wallbridge Mining Co. Ltd.
[{"type":"text","content":"\n\n\n\nWallbridge Announces Closing of $7.9 Million Private Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Dec. 19, 2019\n\n\n\nTORONTO, Dec. 19, 2019 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (\"Wallbridge\" or the \"Company\") is pleased to announce that it has closed a non-brokered private placement (the \"Offering\") for aggregate gross proceeds of $7.9 million through the issuance of 7,999,700 common shares in the Company. A total of 2,590,700 common shares were issued on a flow-through basis (\"Super FT Shares\") at a price of $1.05 per Super FT Share and 5,409,000 common shares in the capital of the Company on a flow-through basis (\"National FT Shares\") at a price of $0.95 per National FT Share. Collectively, the Super FT Shares and the National FT Shares are the \"Offered Securities\".\n\n \n \n\n \n\"The completion of this financing gives us additional financial flexibility to achieve our goals of advancing Fenelon and pursing additional advanced-stage projects which would add to the Company's near-term project pipeline,\" said Marz Kord, Wallbridge's President & CEO. \"We are also pleased that Eric Sprott has chosen to participate in this private placement.\"\nThe gross proceeds from the issuance of the Offered Securities will be used for Canadian Exploration Expenses and will qualify as \"flow-through mining expenditures,\" as defined in subsection 127(9) of the Income Tax Act (Canada). The Super FT Shares will also qualify for the two 10% enhancements under section 726.4.9 and section 726.4.17.1 of the Quebec Taxation Act. The Offered Securities will be renounced with an effective date no later than December 31, 2019 to the initial purchasers of the Offered Securities in an aggregate amount not less than the gross proceeds raised.\nIn connection with the Offering, the Company paid a cash finder's fee of $300,014. All securities issued under the Offering will be subject to a four-month hold period from the date of issuance in accordance with applicable securities laws.  The Offerin...