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Wallbridge Mining Closes C$8.62 Million Private Placement of Flow-Through Shares
TORONTO, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Wallbridge Mining Company Limited (TSX:WM, OTCQX:WLBMF) (“Wallbridge” or the “Company”) is pleased to announce that i
About this update from Wallbridge Mining Co. Ltd.
[{"type":"text","content":" TORONTO, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Wallbridge Mining Company Limited (TSX:WM, OTCQX:WLBMF) (“Wallbridge” or the “Company”) is pleased to announce that it has completed a non-brokered private placement of 37,956,353 national flow-through common shares (the “National FT Shares”) and 8,000,000 Québec flow-through common shares (the “Québec FT Shares”) for aggregate gross proceeds of $8,621,925 (the “FT Share Private Placement”). The National FT Shares were issued at a price of $0.185 and the Québec FT Shares were issued at a price of $0.20. In addition, Agnico Eagle Mines Limited (“Agnico”) has elected to subscribe for 6,000,000 common shares for aggregate gross proceeds of $1,020,000 (the “AEM Private Placement”, and together with the FT Share Private Placement, the “Private Placements”). Subject to negotiation of the definitive agreement and other customary closing conditions, the AEM Private Placement is expected to close on or about March 10, 2023 and will be undertaken pursuant to certain participation rights set out in a pre-existing participation agreement between the Company and a predecessor of Agnico. The AEM Shares will be issued at a price of $0.17. In connection with the FT Share Private Placement, the Company paid a cash finder’s fee of 4% . All securities issued pursuant to the Private Placements will have a four month and one day statutory hold period. The offering is subject to the final acceptance of the Toronto Stock Exchange (the “Exchange”). The net proceeds from the Private Placements will be used to support the Company’s 2023 exploration program at the Company’s Detour-Fenelon Gold Trend Property. The financings announced today provide the Company with sufficient cash reserves to fund the previously announced 2023 exploration program on the Detour-Fenelon Gold Trend Property. Each National FT Share and Québec FT Share (the “FT Shares”) will qualify as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) and, in respect of eligible Québec resident subscribers, section 359.1 of the Taxation Act (Québec). The FT Shares will be renounced with an effective date no later than December 31, 2023 to the initial purchasers of the FT Shares in an aggregate amount not less than the gross proceeds raised. None of the securities offered in the Private Placements have been r...