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Wallbridge Announces Private Placement and First Tranche Closing
Wallbridge Announces Private Placement and First Tranche Closing Canada NewsWire ...
About this update from Wallbridge Mining Co. Ltd.
[{"type":"text","content":"\n\n\n\nWallbridge Announces Private Placement and First Tranche Closing\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 16, 2017\n\n\n\nTORONTO, May 16, 2017 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (the \"Company\" or \"Wallbridge\") is pleased to announce that today it has completed the first tranche (\"First Tranche\") of a non-brokered private placement offering (the \"Offering\"), issuing 7,500,000 flow-through common shares at a price of $0.14 for gross proceeds of $1,050,000.  Proceeds raised from the First Tranche will be used for surface exploration as well as underground bulk sample exploration at Fenelon Gold Property in Quebec. \n\n\n \n \n\n \nThe Offering consists of: (i) up to 15,000,000 units (the \"Units\") at a price of $0.10 per Unit for gross proceeds of up to $1,500,000; and (ii) up to 14,285,715 flow-through common shares (the \"FT Shares\") at a price of $0.14 per FT Share for gross proceeds of up to $2,000,000.  The total proceeds to be raised under the Offering are up to $3,500,000.\n\nEach 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 twenty-four (24) months from the date of closing of the Offering at an exercise price of $0.15 per Warrant Share.\n\nIn connection with the closing of the First Tranche, certain eligible persons were paid a cash commission equal to 6% of the proceeds raised from subscribers introduced to the Company by such persons in the amount of $63,000.\n\nAll securities issued pursuant to the closing of the First Tranche are subject to a statutory hold period of four months in accordance with applicable securities legislation.\n\nThe gross proceeds of the Offering will be used for surface exploration and underground bulk sample exploration of high-quality targets around the known deposit used in the pre-feasibility study of Wallbridge's 100%-owned Fenelon Go...