Wallbridge Mining Company Limited (TSX:WM,
OTCQX:WLBMF) (“
Wallbridge” or the
“
Company”) is pleased to announce that it has
completed the previously announced non-brokered private placement
with Agnico Eagle Mines Limited (“
Agnico”) of
7,926,277 common shares in the capital of the Company at a price of
$0.11 per common share (the “
Private Placement”).
The Private Placement was undertaken pursuant to certain
participation rights set out in a pre-existing participation
agreement between the Company and a predecessor of Agnico.
With the net proceeds from the Private
Placement, together with the $9.4 million of gross proceeds from
the flow through private placement that closed on October 26, 2023,
the Company expects to have a year end cash balance of
approximately $25 million, which it anticipates will be sufficient
to fund the 2024 exploration program on the Company’s
Detour-Fenelon Gold Property (the “Detour-Fenelon Gold
Trend Property”). The Company will announce details of its
exploration plans in 2024 once board approval has been
obtained.
All common shares issued pursuant to the Private
Placement are subject to a four month and one day statutory hold
period.
None of the securities offered in the Private
Placement have been registered under the U.S. Securities Act of
1933, as amended, and may not be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of the securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful.
About Wallbridge Mining
Wallbridge is focused on creating value through
the exploration and sustainable development of gold projects along
the Detour-Fenelon Gold Trend while respecting the environment and
communities where it operates.
Wallbridge’s flagship project, Fenelon Gold
(“Fenelon”), is located on the highly prospective
Detour-Fenelon Gold Trend Property in Québec’s Northern Abitibi
region. An updated mineral resource estimate completed in January
2023 yielded significantly improved grades and additional ounces at
the 100%-owned Fenelon and Martiniere projects, incorporating a
combined 3.05 million ounces of indicated gold resources and 2.35
million ounces of inferred gold resources. Fenelon and Martiniere
are located within an 830 km2 exploration land package
controlled by Wallbridge. In addition, Wallbridge believes that the
extensive land package is extremely prospective for the discovery
of additional gold deposits.
Wallbridge has reported a positive Preliminary
Economic Assessment on its 100%-owned Fenelon gold Project with an
estimated average annual gold production of 212,000 ounces over
12.3 years (see Wallbridge press release of June 26, 2023).
Wallbridge also holds a 19.9% interest in the
common shares of Archer Exploration Corp.
(“Archer”) as a result of the sale of the
Company’s portfolio of nickel assets in Ontario and Québec in
November of 2022.
The scientific and technical content of this
news release has been reviewed and approved by Francois Chabot.,
Eng., the Company’s Manager of Technical Services, a "Qualified
Person" as defined in National Instrument 43-101 - Standards of
Disclosure for Mineral Projects.
Wallbridge will continue to focus on its core
Detour-Fenelon Gold Trend Property while enabling shareholders to
participate in the potential economic upside in Archer. For further
information please visit the Company’s website at
https://wallbridgemining.com/ or contact:
Wallbridge Mining Company
Limited
Brian Penny, CPA, CMAInterim CEOTel: (416)
716-8346Email: bpenny@wallbridgemining.com
Victoria Vargas, B.Sc. (Hon.) Economics,
MBACapital Markets AdvisorEmail: vvargas@wallbridgemining.com
Cautionary Note Regarding
Forward-Looking Information
The information in this document may contain
forward-looking statements or information (collectively,
“FLI”) within the meaning of applicable Canadian
securities legislation. FLI is based on expectations, estimates,
projections, and interpretations as at the date of this
document.
All statements, other than statements of
historical fact, included herein are FLI that involve various
risks, assumptions, estimates and uncertainties. Generally, FLI can
be identified by the use of statements that include, but are not
limited to, words such as “seeks”, “believes”, “anticipates”,
“plans”, “continues”, “budget”, “scheduled”, “estimates”,
“expects”, “forecasts”, “intends”, “projects”, “predicts”,
“proposes”, "potential", “targets” and variations of such words and
phrases, or by statements that certain actions, events or results
“may”, “will”, “could”, “would”, “should” or “might”, “be taken”,
“occur” or “be achieved.”
FLI in this document may include, but is not
limited to: statements regarding the use of proceeds of the Private
Placement; the Company’s exploration plans; the future prospects of
Wallbridge; statements regarding the results of the Fenelon
preliminary economic assessment; the potential future performance
of Archer common shares; future drill results; the Company’s
ability to convert inferred resources into measured and indicated
resources; parameters and methods used to estimate the MRE’s at the
Fenelon and Martiniere properties (collectively the
“Deposits”); the prospects, if
any, of the Deposits; future drilling at the Deposits; and the
significance of historic exploration activities and results.
FLI is designed to help you understand
management’s current views of its near- and longer-term prospects,
and it may not be appropriate for other purposes. FLI by
their nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance, or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such FLI. Although the FLI
contained in this document is based upon what management believes,
or believed at the time, to be reasonable assumptions, the Company
cannot assure shareholders and prospective purchasers of securities
of the Company that actual results will be consistent with such
FLI, as there may be other factors that cause results not to be as
anticipated, estimated or intended, and neither the Company nor any
other person assumes responsibility for the accuracy and
completeness of any such FLI. Except as required by law, the
Company does not undertake, and assumes no obligation, to update or
revise any such FLI contained in this document to reflect new
events or circumstances. Unless otherwise noted, this document has
been prepared based on information available as of the date of this
document. Accordingly, you should not place undue reliance on the
FLI, or information contained herein.
Furthermore, should one or more of the risks,
uncertainties or other factors materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in FLI.
Assumptions upon which FLI is based, without
limitation, include: the results of exploration activities, the
Company’s financial position and general economic conditions; the
ability of exploration activities to accurately predict
mineralization; the accuracy of geological modelling; the ability
of the Company to complete further exploration activities; the
legitimacy of title and property interests in the Deposits; the
accuracy of key assumptions, parameters or methods used to estimate
the MREs and in the PEA; the ability of the Company to obtain
required approvals; geological, mining and exploration technical
problems; and failure of equipment or processes to operate as
anticipated. Risks and uncertainties about Wallbridge's business
are discussed in the disclosure materials filed with the securities
regulatory authorities in Canada, which are available at
www.sedarplus.ca.
Cautionary Notes to United States
Investors
Wallbridge prepares its disclosure in accordance
with NI 43-101 which differs from the requirements of the U.S.
Securities and Exchange Commission (the
"SEC"). Terms relating to mineral
properties, mineralization and estimates of mineral reserves and
mineral resources and economic studies used herein are defined in
accordance with NI 43-101 under the guidelines set out in CIM
Definition Standards on Mineral Resources and Mineral Reserves,
adopted by the Canadian Institute of Mining, Metallurgy and
Petroleum Council on May 19, 2014, as amended. NI 43-101 differs
significantly from the disclosure requirements of the SEC generally
applicable to US companies. As such, the information presented
herein concerning mineral properties, mineralization and estimates
of mineral reserves and mineral resources may not be comparable to
similar information made public by U.S. companies subject to the
reporting and disclosure requirements under the U.S. federal
securities laws and the rules and regulations thereunder.
Wallbridge Mining (TSX:WM)
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