Wallbridge Mining announced it has raised $1.05 million for exploration work at its Fenelon Gold property in Québec.
The Sudbury-based mining company issued 7.5 million flow-through common shares at a price of $0.14 in the first tranche of a non-brokered private placement offering.
The company said the offering consists of up to 15,000,000 units, at a price of $0.10 per unit, for gross proceeds of up to $1.5 million, and up to 14,285,715 flow-through common shares, at a price of $0.14 per FT Share, for gross proceeds of up to $2 million. The total proceeds to be raised under the offering are up to $3.5 million.
Gross proceeds of the offering will be used for surface exploration and underground bulk sample exploration of targets identified in the prefeasibility study of the Fenelon project, in addition to general working capital purposes.
Wallbridge moved on to its property in Québec after successfully developing the Broken Hammer deposit in Sudbury, which was completed in 2015.
In addition, Wallbridge is currently completing a 20,000-metre fully partner-funded drilling program on its high-grade Parkin nickel-copper-PGE property in Sudbury. It also has an exploration interest in copper and gold properties in Jamaica and British Columbia, through its 12.8 per cent ownership of Carube Copper Corp. (formerly Miocene Resources Ltd.).