TORONTO, Sept. 14, 2018 /CNW/ - Wallbridge Mining
Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the "Company") is pleased to announce
that it has closed a non-brokered private placement (the "Offering") through the issuance of 30,000,000 units of the
Company (each a "Unit") for gross proceeds of $3,900,000. Eric
Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, was the sole purchaser of the
Offering.
"We are pleased to have a gold investor such as Eric Sprott as one of our large shareholders.
Eric is very familiar with high grade gold deposits in the world and Fenelon obviously fit that bill," stated Marz Kord, President & CEO of Wallbridge. "On behalf of all Wallbridge shareholders, we welcome Eric's
support in our drive to make Fenelon Gold to be the first high grade operating mine in this
emerging belt in Northwestern Quebec."
Under the terms of the Offering, the Units were issued at a price of $0.13 per Unit. Each Unit
consists of one common share of the Company (a "Common Share") and a one-half Common Share purchase warrant. Each whole
Warrant (a "Warrant") will entitle the holder to acquire one additional Common Share (a "Warrant Share") for a
period of twenty-four (24) months from the closing date at an exercise price of $0.20 per Warrant
Share.
In connection with the Offering, the Company paid an aggregate cash commission of 3% to a certain eligible person. All
securities issued are subject to a statutory hold period of four months in accordance with applicable securities legislation.
Proceeds of the Offering will be used for general corporate purposes.
As of the date hereof, after giving effect to this acquisition of Units, Mr. Sprott beneficially owns and controls 33,333,334
Common Shares and 16,666,667 Warrants of Wallbridge, representing approximately 9.4% of the issued and outstanding Common Shares
on a non-diluted basis, and approximately 13.4% on a partially diluted basis. Prior to the date hereof, Mr. Sprott beneficially
owned and controlled 3,333,334 Common Shares and 1,666,667 Warrants of Wallbridge, representing approximately 1.0% of the issued
and outstanding Common Shares on a non-diluted basis, and approximately 1.5% on a partially diluted basis.
The Units were acquired for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional
securities of the Company either on the open market or through private acquisitions or sell securities of the Company either on
the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other
relevant factors. A copy of 2176423 Ontario Ltd.'s early warning report will appear on the Company's profile on SEDAR and may
also be obtained by calling (416) 362-7172 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).
About Wallbridge Mining
Wallbridge is establishing a pipeline of projects that will support sustainable production and revenue as well as organic
growth through exploration and scalability.
Wallbridge is currently developing its 100%-owned high-grade Fenelon Gold property in
Quebec with ongoing exploration and a bulk sample in 2018. Wallbridge is also pursuing other
additional advanced-stage projects which would add to the Company's near term project pipeline. These discussions benefit from
the operating capabilities Wallbridge demonstrated by safely and efficiently mining the Broken Hammer deposit in Sudbury, which was completed in October 2015. Wallbridge is also continuing
partner-funded exploration on its large portfolio of nickel, copper, and PGM projects in Sudbury,
Ontario, with a focus on its high-grade Parkin project.
Wallbridge also has exposure to exploration for copper and gold in Jamaica and British Columbia through its 11.3% ownership of Carube Copper Corp. (CUC:TSX-V, formerly Miocene Resources
Limited, a Wallbridge spin-out of its BC assets).
This press release may contain forward-looking statements (including "forward-looking information" within the
meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the US Private
Securities Litigation Reform Act of 1995) relating to, among other things, the operations of Wallbridge and the environment in
which it operates. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or
"does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be achieved". Wallbridge has relied on a number of assumptions and
estimates in making such forward-looking statements, including, without limitation, the costs associated with the development and
operation of its properties. Such assumptions and estimates are made in light of the trends and conditions that are considered to
be relevant and reasonable based on information available and the circumstances existing at this time. A number of risk factors
may cause actual results, level of activity, performance or outcomes of such exploration and/or mine development to be materially
different from those expressed or implied by such forward-looking statements including, without limitation, whether such
discoveries will result in commercially viable quantities of such mineralized materials, the possibility of changes to project
parameters as plans continue to be refined, the ability to execute planned exploration and future drilling programs, the need for
additional funding to continue exploration and development efforts, changes in general economic, market and business conditions,
and those other risks set forth in Wallbridge's most recent annual information form under the heading "Risk Factors" and in its
other public filings. Forward-looking statements are not guarantees of future performance and such information is inherently
subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control
of Wallbridge. Although Wallbridge has attempted to identify important risks and factors that could cause actual actions, events
or results to differ materially from those described in forward-looking statements, there may be other factors and risks that
cause actions, events or results not to be as anticipated, estimated or intended. Consequently, undue reliance should not be
placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the
date hereof.
Wallbridge disclaims any intention or obligation to update or revise any forward-looking statements, whether as
a result of new information, future events or otherwise, save and except as may be required by applicable securities laws. The
forward-looking statements contained herein are expressly qualified by this disclaimer.
SOURCE Wallbridge Mining Company Limited
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