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Wallbridge Mining Company Ltd
Symbol WM
Shares Issued 789,158,884
Close 2021-04-15 C$ 0.61
Recent Sedar Documents

Wallbridge Mining closes $20.01M bought deal

2021-04-15 11:34 ET - News Release

Mr. Marz Kord reports

WALLBRIDGE MINING COMPANY LIMITED ANNOUNCES CLOSING OF C$20 MILLION BOUGHT DEAL FINANCING AND EXERCISE OF OVER-ALLOTMENT OPTION

Wallbridge Mining Company Ltd. has completed the previously announced bought deal public offering through the issuance of an aggregate of 21,063,400 charity flow-through common shares of the company at a price of 95 cents per charity flow-through share for gross proceeds of $20,010,230 to the company, inclusive of the full exercise of the overallotment option by the underwriters (as hereinafter defined) to acquire an additional 2,747,400 charity flow-through shares at the offering price. The charity flow-through shares were issued and sold pursuant to the terms of an underwriting agreement dated March 31, 2021, among the company, BMO Capital Markets (as lead underwriter and sole bookrunner), RBC Capital Markets, Cormark Securities Inc., Eight Capital and Paradigm Capital Inc.

In connection with the offering, Kirkland Lake Gold Ltd. was a back-end buyer and acquired 2,085,277 common shares to maintain its ownership interest in the company at approximately 9.9 per cent (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 Dec. 6, 2019.

In respect of the offering, the charity flow-through shares were offered by way of a short form prospectus dated April 12, 2021, filed in all of the provinces of Canada.

The underwriters were paid a cash commission of 5.5 per cent on the gross proceeds of the offering.

The charity flow-through shares will qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada) and, in respect of eligible Quebec resident purchasers, Section 359.1 of the Taxation Act (Quebec). The gross proceeds from the sale of the charity flow-through shares will be used to support the company's 170,000-metre drill program in 2021 at the Fenelon project, which will qualify as Canadian exploration expenses and flow-through mining expenditures, both within the meaning of the Income Tax Act (Canada). The company will renounce such Canadian exploration expenses with an effective date of no later than Dec. 31, 2021.

About Wallbridge Mining Company Ltd.

Wallbridge is currently advancing the exploration and development of its 100-per-cent-owned Fenelon gold property, which is located along the Detour-Fenelon gold trend, an emerging gold belt in northwestern Quebec. The company completed approximately 102,000 metres of drilling in 2020 and has begun a fully financed 170,000-metre drill program and the 2021 portion (4,800 metres) of a 10,000-metre, two-year underground exploration development program in 2021. The company intends to complete a maiden resource on the Fenelon gold system in the third quarter of 2021.

Wallbridge now holds several kilometres surrounding its rapidly expanding Fenelon discovery providing room for growth as well as future mine development flexibility. Wallbridge's landholdings in Quebec along the Detour-Fenelon gold trend are over 900.0 square kilometres, improving Wallbridge's potential for further discoveries for over 90-kilometre strike length in this underexplored belt.

Wallbridge is also the operator of and a 17.8-per-cent shareholder in Lonmin Canada Inc., a privately held company with a portfolio of nickel, copper and platinum group metal (PGM) projects in Ontario's Sudbury basin.

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