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Wallbridge closes $1-million placement

Wallbridge Mining Company has completed a non-brokered private placement of 3.8 million flow-through common shares of the company at 26 cents a share, raising aggregate gross proceeds of $990,100.
Northern Ontario Business Staff

Wallbridge Mining Company has completed a non-brokered private placement of 3.8 million flow-through common shares of the company at 26 cents a share, raising aggregate gross proceeds of $990,100.

"This placement provides us with additional funds to accelerate a very active summer exploration program on our Sudbury properties,” Alar Soever, president and CEO of Wallbridge, said in a news release. “We are very pleased with the continued support of the MineralFields Group and our other long-term shareholders."

Gross proceeds raised from the shares will be used for exploration expenditures on its Ontario properties.

Wallbridge Mining Company Limited's primary focus is the exploration for deposits of platinum group elements, nickel, and copper in Sudbury. Major joint venture partners in Sudbury include Vale Inco, Xstrata Nickel, Lonmin Plc and Impala Platinum Holdings Limited.