Wallbridge Mining closes private placement of flow-through shares

Wallbridge Mining has completed a non-brokered private placement of 37,956,353 national flow-through common shares and 8,000,000 Quebec flow-through common shares for aggregate gross proceeds of $8,621,925. The National FT Shares were issued at a price of $0.185 and the Quebec FT Shares were issued at a price of $0.20. In addition, Agnico Eagle Mines Limited has elected to subscribe for 6,000,000 common shares for aggregate gross proceeds of $1,020,000. Subject to negotiation of the definitive agreement and other customary closing conditions, the AEM Private Placement is expected to close on or about March 10, 2023 and will be undertaken pursuant to certain participation rights set out in a pre-existing participation agreement between the Company and a predecessor of Agnico. The AEM Shares will be issued at a price of $0.17. In connection with the FT Share Private Placement, the Company paid a cash finder’s fee of 4% . All securities issued pursuant to the Private Placements will have a four month and one day statutory hold period. The offering is subject to the final acceptance of the Toronto Stock Exchange. The net proceeds from the Private Placements will be used to support the Company’s 2023 exploration program at the Company’s Detour-Fenelon Gold Trend Property. The financings announced today provide the Company with sufficient cash reserves to fund the previously announced 2023 exploration program on the Detour-Fenelon Gold Trend Property.