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Wallbridge Mining Raises $56 Million Via Private Placement

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Wallbridge Mining(WM.TO) on Friday said closed a private placement of shares to Agnico Eagle Mines (AEM.TO, AEM) and Waratah Capital Advisors,, raising $56 million.

Agnico Eagle purchased 243.9-million shares priced at $0.092. for $22.4 million and Waratah, on behalf of managed investment funds, purchased 364.3-million shares for about $33.5 million. Each of Agnico Eagle and Waratah has a partially-diluted ownership position of, or control or direction over, about 19.9% of the common shares of the company upon closing.

Proceeds will be used to fund completion of a pre-feasibility study on the Fenelon project. The company intends to complete the 2026 exploration program at Martiniere, Casault, and Grasset, which is already in progress, but will focus on Fenelon, it added.

Shares of the company were last seen up $0.005 $0.105 on the Toronto Stock Exchange.

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