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Wallbridge Announces Closing of $7M Private Placement with Eric Sprott
Wallbridge Announces Closing of $7M Private Placement with Eric Sprott Canada News...
About this update from Wallbridge Mining Co. Ltd.
[{"type":"text","content":"\n\n\n\nWallbridge Announces Closing of $7M Private Placement with Eric Sprott\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, May 15, 2019\n\n\n\nTORONTO, May 15, 2019 /CNW/ - Wallbridge Mining Company Limited (TSX:WM), (FWB: WC7) (the \"Company\" or \"Wallbridge\") is pleased to announce the closing of the previously-announced non-brokered private placement financing (the \"Offering\") of 29,166,667 common shares (the \"Common Shares\") at a price of $0.24 per Common Share for gross proceeds of $7,000,000 to Eric Sprott (\"Sprott\"), through 2176423 Ontario Ltd., a company beneficially owned by Sprott.  \n\n \n \n\n \nThe closing of the Offering was conditional on Sprott exercising 1,666,667 Common Share purchase warrants at an exercise price of $0.15 and 15,000,000 Common Share purchase warrants at an exercise price of $0.20 for aggregate gross proceeds to the Company of $3,250,000 (collectively the \"Warrants\"). The Warrants were exercised in February 2019.\nThe closing of the Offering was also conditional on receipt of approval from the Company's shareholders at Wallbridge's Annual and Special meeting of shareholders held on May 8, 2019 (the \"ASM\"), as, according to the rules and policies of the Toronto Stock Exchange (\"TSX\") the completion of the Offering will result in Sprott being able to materially affect control of the Company. A total of 231,265,771 votes, or 96%, were cast by ballot at the ASM in favour of the resolution to confirm, approve and ratify the Offering. \nAll securities issued pursuant to the Offering are subject to a statutory hold period expiring four months and one day following issuance of the securities in accordance with applicable securities legislation.\nThe gross proceeds of the Offering will be used for general corporate purposes.\nThe Offering constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 (\"MI 61-101\") as Sprott, a reporting insider of the Company subscribed for 29,166,667 Common Shares pursuant to the Offering.  The Company is relying ...