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Wallbridge Announces First Tranche Closing of $9.58 Million Private Placement
Wallbridge Announces First Tranche Closing of $9.58 Million Private Placement Cana...
About this update from Wallbridge Mining Co. Ltd.
[{"type":"text","content":"\n\n\n\nWallbridge Announces First Tranche Closing of $9.58 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, Aug. 1, 2019\n\n\n\nTORONTO, Aug. 1, 2019 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (\"Wallbridge\" or the \"Company\") is pleased to announce that it has closed the first tranche of a non-brokered private placement (the \"Offering\") through the issuance of 2,590,000 common shares in the Company on a flow-through basis to Quebec resident investors (\"Super FT Shares\") at a price of $0.50 per Super FT Share; 6,027,717 common shares in the capital of the Company on a flow-through basis (\"National FT Shares\") at a price of $0.46 per National FT Share; and 13,261,170 units (the \"Units\") at a price of $0.42 per Unit for aggregate gross proceeds of $9,637,441. Each Unit consists of one common share of the Company (a \"Common Share\") and a one-half Common Share purchase warrant. Each whole Warrant (a \"Warrant\") will entitle the holder to acquire one additional Common Share (a \"Warrant Share\") for a period of twelve (12) months from the date of issuance at an exercise price of $0.60 per Warrant Share.  The Company expects to close a second and final tranche for anticipated proceeds of $576,000 on or about August 2, 2019.\n\n \n \n\n \nCollectively, the Super FT Shares and National FT Shares are the \"Offered Securities.\" Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, purchased $2,100,000 of the Units.\nThe gross proceeds from the issuance of the Offered Securities will be used for Canadian Exploration Expenses, as defined in the Income Tax Act (Canada), on the Company's Fenelon property. The Super FT Shares will qualify for the two 10% enhancements under section 726.4.9 and section 726.4.17.1 of the Quebec Taxation Act, which 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 conn...