Wallbridge closes C$15 million bought deal financing
On February 24, 2022, Wallbridge Mining Company Limited ("Wallbridge") announced the completion of its previously announced bought deal public offering of an aggregate of 27,300,000 charity flow-through common shares at a price of C$0.55 per share for gross proceeds to the company of C$15,015,000.
The common shares were issued and sold pursuant to the terms of an underwriting agreement among Wallbridge, BMO Capital Markets, as lead underwriter and sole bookrunner, 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 offering will be used to support the company’s 2022 exploration program at its Detour-Fenelon Gold Property.
Further information can be found on Globe Newswire’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.