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Wallbridge Signs a Heads of Agreement for $2,500,000 Loan
Wallbridge Signs a Heads of Agreement for $2,500,000 Loan Wallbridge Signs a Heads...
About this update from Wallbridge Mining Co. Ltd.
[{"type":"text","content":"\n\n\n\nWallbridge Signs a Heads of Agreement for $2,500,000 Loan\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\nWallbridge Signs a Heads of Agreement for $2,500,000 Loan\nCanada NewsWire\nTORONTO, Aug. 23, 2016\n\n\n\nTORONTO, Aug. 23, 2016 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (\"Wallbridge\") is pleased to announce that it has entered into a Heads Of Agreement (\"Loan Agreement\") with William Day Holdings Limited (\"William Day\") to fund Wallbridge's acquisition of the Fenelon Mine Property from Balmoral Resources Ltd. and for general working capital towards the development of Fenelon Mine Property. Additionally, William Day agreed to participate in Wallbridge's current financing efforts to a maximum of $1,000,000 of which approximately $550,000 was placed in Wallbridge's recent private placement (see press release dated August 22, 2016). William Day also intends to participate in Wallbridge's Prospectus Offering (see press release dated July 11, 2016) in the amount of up to approximately $450,000.\n\n\"The support we have received from our current shareholder and company supporter, William Day, allows us to not only complete the purchase of this high grade asset, but also be able to rapidly advance the studies and the development of Fenelon Mine Property towards the goal of production decision in Q2, 2017\", said Marz Kord, President & CEO of Wallbridge Mining Company. \"We believe that this $1.5 million private placement, the $2.5 million debt facility as well as our Prospectus Offering will leave us well-funded to complete the necessary studies and permitting of the project. Wallbridge will make its production decision after the completion of a positive pre-feasibility study targeted for Q2, 2017.\"\n\nThe terms of the loan are for $2.5 million to be paid in 24 months at an interest rate of 15% with interest payments to be paid in advance at 6-month intervals. Wallbridge shall have the right at any time after 120 days from the advance of the principal amount of the Loan to prepay all or any portion of the Loan at any time upon 5 days p...