Business
Wallbridge Mining Company Limited Announces Closing of C$63.8 Million Bought Deal Financing and Exercise of Over-Allotment Option
Toronto, Ontario--(Newsfile Corp. - October 2, 2020) - Wallbridge Mining Company Limited (TSX:...
About this update from Wallbridge Mining Co. Ltd.
[{"type":"text","content":"Wallbridge Mining Company Limited Announces Closing of C$63.8 Million Bought Deal Financing and Exercise of Over-Allotment OptionToronto, Ontario--(Newsfile Corp. - October 2, 2020) - Wallbridge Mining Company Limited (TSX: WM), (\"Wallbridge\" or the \"Company\") is pleased to announce that it has completed the previously announced \"bought deal\" public offering through the issuance of an aggregate of 55,500,000 common shares of the Company (the \"Common Shares\") at a price of C$1.15 per Common Share for gross proceeds of C$63,825,000, inclusive of the partial exercise of the over-allotment option by the Underwriters (as hereinafter defined) to acquire an additional 6,500,000 Common Shares at a price of C$1.15 per Common Share (the \"Offering\"). The Common Shares were issued and sold pursuant to the terms of an underwriting agreement dated September 21, 2020, among the Company, BMO Nesbitt Burns Inc., as lead underwriter and sole bookrunner, Eight Capital, RBC Dominion Securities Inc. and Paradigm Capital Inc. (collectively, the \"Underwriters\"). In connection with the Offering, Kirkland Lake Gold Ltd. (\"Kirkland Lake\") acquired 20,000,000 Common Shares to increase its ownership interest in the Company to approximately 9.9% (on a non-diluted basis) in accordance with the non-dilution rights granted to Kirkland Lake by the Company pursuant to a participation agreement between the Company and Kirkland Lake dated December 6, 2019.In respect of the Offering, the Common Shares were offered by way of a short form prospectus dated September 28, 2020 filed in all of the provinces of Canada, excluding Quebec.The Underwriters were paid a cash commission of 5% on the gross proceeds of the Offering, excluding Kirkland Lake's participation. The net proceeds from the Offering will be used for continued advancement of the Company's Fenelon Gold Project and for general corporate purposes.The securities offered in this press release have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sal...