Wallbridge is establishing a pipeline of projects that will support sustainable 100,000 ounce-plus annual gold production as well as organic growth through exploration and scalability
Image: Wallbridge secures $42.5m financing. Photo: Courtesy of RitaE from Pixabay.
Wallbridge Mining Company has closed a non-brokered private placement financing of 74,543,860 common shares (the “Common Shares”) at an issue price of $0.57 per common share for aggregate gross proceeds of $42,490,000. Net proceeds of the Offering will be used to advance Wallbridge’s 100%-owned Fenelon Gold Property (Fenelon) and for general corporate purposes.
“The closing of this financing provides the Company with the required financial resources to complete its planned 2020 exploration activities as we advance Fenelon towards production,” stated Marz Kord, Wallbridge President & CEO.
All securities issued under the Offering will be subject to a four month hold period from the date of issuance in accordance with applicable securities laws. The Offering is subject to final acceptance of the Toronto Stock Exchange.
Source: Company Press Release