Wallbridge closes C$20 million bought deal financing
On April 15, 2021, Wallbridge Mining Company Limited ("Wallbridge") announced the completion the previously announced bought deal public offering through the issuance of an aggregate of 21,063,400 charity flow-through common shares at a price of C$0.95 per share for gross proceeds of C$20,010,230, inclusive of the full exercise of the over-allotment option by the underwriters to acquire an additional 2,747,400 charity flow-through common shares at the offering price.
The shares were issued and sold pursuant to the terms of an underwriting agreement dated March 31, 2021, with BMO Capital Markets, as lead underwriter and sole bookrunner, RBC Capital Markets, Cormark Securities Inc., Eight Capital and Paradigm Capital Inc.
The 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).
Gross proceeds from the sale of shares will be used to support the company’s 170,000 m drill program in 2021 at the Fenelon project, which qualifies as “Canadian exploration expenses” (“CEE”) and “flow-through mining expenditures” both within the meaning of the Income Tax Act (Canada). The company will renounce such CEE with an effective date of no later than December 31, 2021.
Further information can be found on Newsfile’s website.
Wallbridge is currently advancing the exploration and development of its 100%-owned Fenelon Gold property, which is located along the Detour-Fenelon Gold Trend, an emerging gold belt in northwestern Québec. Wallbridge is also the operator of, and a 17.8% shareholder in, Lonmin Canada Inc., a privately-held company with a portfolio of nickel, copper, and platinum-group metals (PGM) projects in Ontario's Sudbury Basin.