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Wallbridge Mining Company Limited (WM.TO)

Toronto - Toronto Real Time Price. Currency in CAD
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1.0200-0.0200 (-1.92%)
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Previous Close1.0400
Open1.0400
Bid1.0200 x 0
Ask1.0300 x 0
Day's Range1.0200 - 1.0500
52 Week Range0.3100 - 1.3500
Volume771,227
Avg. Volume2,183,080
Market Cap747.66M
Beta (5Y Monthly)2.11
PE Ratio (TTM)N/A
EPS (TTM)-0.0190
Earnings DateMay 20, 2016 - May 24, 2016
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est1.17
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    • CNW Group

      TMX Group, Wallbridge Mining, C-Suite at The Open

      TORONTO, Sept. 30, 2020 /CNW/ - Marz Kord, CEO, Wallbridge Mining Company Ltd.

    • GlobeNewswire

      Wallbridge Mining Company Limited Announces C$56 Million Bought Deal Financing

      Not for distribution to U.S. news wire services or dissemination in the United States.TORONTO, Sept. 16, 2020 (GLOBE NEWSWIRE) -- Wallbridge Mining Company Limited (TSX: WM), (“Wallbridge” or the “Company”) has announced today that it has entered into an agreement with BMO Capital Markets, on behalf of itself and a syndicate of underwriters (collectively, the “Underwriters”) led by BMO Capital Markets, under which the Underwriters have agreed to buy, on a “bought deal” basis, 49,000,000 common shares of the Company (the “Common Shares”) at a price of C$1.15 per Common Share which will provide the Company with aggregate gross proceeds of approximately C$56 million (the “Offering”). The Company has granted the Underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Common Shares issued in connection with the Offering to cover over-allotments, if any.Kirkland Lake Gold Ltd. (“Kirkland Lake”) has certain participation rights and will participate in the Offering, increasing their post-closing ownership to approximately 9.9%.The net proceeds from the Offering will be used for continued advancement of the Company’s Fenelon Gold Project and for general corporate purposes.In respect of the Offering, the Common Shares will be offered by way of a short form prospectus in all of the provinces and territories of Canada, excluding Quebec. The Offering is expected to close on or about October 2, 2020 and is subject to Wallbridge receiving all necessary regulatory approvals.The securities offered in this press release have not 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 Company LimitedWallbridge Mining Company Limited is an advanced exploration-development company driven by a strategic targeted approach.The Company is focused on advancing the development of its wholly-owned flagship Fenelon Gold Project in northern Québec. Since acquiring the property in 2016, Wallbridge has demonstrated the project’s potential to host a multi-million-ounce gold deposit. Following success at the drill bit, the Company’s first mineral resource estimate is expected by mid-2021.Wallbridge has expanded its Fenelon Gold property with the strategic acquisition of Balmoral Resources Ltd. and now controls a district-scale land position along the Detour Fenelon Gold Trend, a major structure that hosts the Detour Lake gold mine to the west in Ontario. Wallbridge has a strong pipeline of exploration projects to drive long-term organic growth to meet its objective of becoming a gold producer.In addition, Wallbridge has an interest in a large portfolio of nickel-copper-PGM projects in Ontario's Sudbury Basin.This news release has been authorized by the undersigned on behalf of Wallbridge Mining Company Limited.Marz Kord President and CEO – Wallbridge Mining Company LimitedFor further information please visit Wallbridge’s website at www.wallbridgemining.com or contact:Wallbridge Mining Company Limited Marz Kord, P. Eng., M. Sc., MBA President & CEO Tel: (705) 682-9297 ext. 251 Email: mkord@wallbridgemining.comBrian Penny, CPA, CMA Chief Financial Officer Tel: (416) 716-8346 Email: bpenny@wallbridgemining.comForward-Looking InformationThis news release contains “forward-looking information” within the meaning of applicable securities laws (the “forward-looking statements”), including information pertaining to the Company's filing of the short form preliminary and final prospectus and regulatory approval of the short form prospectus and any potential offering(s) of securities pursuant to the prospectus (and the use of proceeds therefor). These forward-looking statements are made as of the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. While we have based these forward-looking statements on our expectations about future events as at the date that such statements were prepared, the statements are not a guarantee that such future events will occur and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, the effects of general economic conditions, commodity prices, changing foreign exchange rates and actions by government and regulatory authorities and misjudgments in the course of preparing forward-looking statements. In addition, there are known and unknown risk factors which could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include risks associated with exploration and project development; the need for additional financing; the calculation of mineral resources and reserves; operational risks associated with mining and mineral processing; fluctuations in metal prices; title matters; government regulation; obtaining and renewing necessary licenses and permits; environmental liability and insurance; reliance on key personnel; the potential for conflicts of interest among certain of our officers or directors; the absence of dividends; currency fluctuations; labour disputes; competition; dilution; the volatility of the our common share price and volume; future sales of shares by existing shareholders; and other risks and uncertainties, including those relating to general risks associated with the mineral exploration and development industry described in our Annual Information Form, financial statements and MD&A for the fiscal period ended December 31, 2019 filed with the Canadian Securities Administrators and available at www.sedar.com. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.

    • Wallbridge Enters into Term Sheet with Kirkland Lake Gold on Joint Venture of the Detour East Property
      GlobeNewswire

      Wallbridge Enters into Term Sheet with Kirkland Lake Gold on Joint Venture of the Detour East Property

      Company to Focus on Expanding Fenelon Gold System Figure 1 Regional Map of Wallbridge’s Land Package on the Detour-Fenelon Gold TrendTORONTO, Sept. 14, 2020 (GLOBE NEWSWIRE) -- Wallbridge Mining Company Limited (TSX:WM) (“Wallbridge” or the “Company”) today announced that it has entered into a non-binding term sheet (the “Term Sheet”) with respect to a joint venture of its Detour East gold property (“Detour East” or the “Property”) with Kirkland Lake Gold Ltd. (TSX:KL) (“Kirkland”). Under terms of this joint venture, Kirkland can earn a 75% interest in Detour East by making expenditures totalling $35 million on the Property, as described below. “This Term Sheet, and ultimate joint venture agreement, is strategic for Wallbridge as it allows the Company to focus on fully-defining the size potential of our 100% owned Fenelon Gold property (“Fenelon”) while at the same time advancing exploration on Detour East located at the far west end of the very large land position Wallbridge acquired through its acquisition of Balmoral Resources Ltd. (“Balmoral”),” stated Marz Kord, President & CEO of Wallbridge. “The acquisition of Balmoral was primarily motivated by our belief that the Fenelon Gold system was larger than had been defined at that time, and that it extended onto Balmoral’s ground immediately adjacent to our original Fenelon Gold property. This belief has now been confirmed by our initial drill results west and south of Fenelon (see press release dated September 8, 2020) and will be our immediate exploration focus.  In addition, numerous other high priority targets on other areas of the recently acquired Balmoral ground, including the area around the Martinière deposit, also deserve exploration which Wallbridge will evaluate over the coming months. Entering into a joint venture with Kirkland on the Detour East will allow us to focus on the Fenelon gold system, and will bring us a high-quality partner with excellent knowledge of the regional geology through its Detour Lake operations, located adjacent to Detour East.”Under the terms of the Term Sheet, Wallbridge will grant Kirkland the option to acquire up to an undivided 50% interest in the Property by funding phase 1 expenditures of $7.5 million over five (5) years (the “Phase 1 Expenditures”) with a minimum commitment of $2.0 million in the first two years ($0.5 million by the first anniversary and $1.5 million by the second anniversary of entering into a definitive joint venture agreement) (the “Option”). During the Option period, Kirkland shall have the right to act as Operator of the Property.Upon satisfaction of the Option, Wallbridge and Kirkland shall have formed a joint venture (the “Joint Venture”) on Detour East with Kirkland acting as the operator of the Joint Venture (the “Operator”) to carry on operations with respect to the Property.Upon the formation of the Joint Venture, Kirkland will hold the right to acquire an additional 25% interest in the Property by incurring additional expenditures of $27.5 million within the first five (5) years of the formation of the Joint Venture (“Second Stage Option Period”).Upon Kirkland having incurred additional expenditures of $27.5 million during the Second Stage Option Period, Kirkland shall have earned an undivided 75% interest in the Property. The deemed expenditures on the property shall be Kirkland ($35,000,000) and Wallbridge ($11,666,667). Following the completion of the Second Stage Option Period, any additional funds required will be contributed by the Joint Venture parties based on their then proportional joint venture interests.  Should either Wallbridge or Kirkland (each a “Party” and collectively the “Parties”) elect not to fund a program, its Joint Venture interest will be diluted pro-rata. If a Party commits to fund a program, and fails to contribute its share of the funding, that Party’s Joint Venture interest will be diluted at three times the pro-rata rate.If either Party’s Joint Venture interest is reduced to 5% or less, that Party’s Joint Venture interest shall be automatically converted to a 1% net smelter return royalty (the “NSR”) and the Joint Venture shall be automatically terminated.  The surviving Party shall have a right of first offer with respect to the purchase or sale of the NSR by the non-surviving party.Prior to September 30, 2020, the Parties shall diligently and in good faith negotiate and enter into a definitive option agreement including customary representations, warranties and conditions. In addition to the entering into of definitive agreements, completion of the transaction is conditional upon receipt of all required consents and regulatory approvals including the approval of the respective Board of Directors of each party.Figure 1. Regional Map of Wallbridge’s Land Package on the Detour-Fenelon Gold Trend is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/337e108a-5a74-4a36-8bd8-a1baea792b37 About Wallbridge MiningWallbridge is establishing a pipeline of projects that will support sustainable 100,000 ounce-plus annual gold production as well as organic growth through exploration and scalability.Wallbridge is currently advancing the exploration and development of its 100%-owned Fenelon Gold Property, which is located along the Detour-Fenelon Gold Trend, an emerging gold belt in northwestern Québec with an ongoing, fully funded 100,000-metre exploration drill program in 2020.As announced on May 22, 2020, Wallbridge has completed the Plan of Arrangement whereby Wallbridge acquired all of the issued and outstanding shares of Balmoral, in an all-stock transaction. The Balmoral transaction secures for Wallbridge a buffer of several kilometres surrounding its rapidly expanding Fenelon discovery providing room for growth, as well as future mine development flexibility. The transaction, along with a recent option agreement signed with Midland Exploration, also significantly expands Wallbridge's land holdings in Québec along the Detour-Fenelon Gold Trend (from 10.5 km2 to over 900.0 km2), improving Wallbridge's potential for further discoveries in this under-explored belt.Wallbridge is also pursuing additional advanced-stage projects which would add to Wallbridge's near-term project pipeline. Wallbridge is also the operator of, and a 17.8% shareholder in, Lonmin Canada Inc., a privately-held company with a large portfolio of nickel, copper, and platinum-group metals (PGM) projects in Ontario's Sudbury Basin.For further information please visit Wallbridge's website at www.wallbridgemining.com or contact:Wallbridge Mining Company Limited Marz Kord, P. Eng., M. Sc., MBA President & CEO Tel: (705) 682-9297 ext. 251 Email: mkord@wallbridgemining.comVictoria Vargas, B.Sc. (Hon.) Economics, MBA Investor Relations Advisor Email: vvargas@wallbridgemining.comThis press release may contain forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the operations of Wallbridge and the environment in which it operates. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Wallbridge has relied on a number of assumptions and estimates in making such forward-looking statements, including, without limitation, the costs associated with the development and operation of its properties. Such assumptions and estimates are made in light of the trends and conditions that are considered to be relevant and reasonable based on information available and the circumstances existing at this time. A number of risk factors may cause actual results, level of activity, performance or outcomes of such exploration and/or mine development to be materially different from those expressed or implied by such forward-looking statements including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the possibility of changes to project parameters as plans continue to be refined, the ability to execute planned exploration and future drilling programs, the need for additional funding to continue exploration and development efforts, changes in general economic, market and business conditions, and those other risks set forth in Wallbridge's most recent annual information form under the heading "Risk Factors" and in its other public filings. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Wallbridge. Although Wallbridge has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof. Wallbridge disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws. The forward-looking statements contained herein are expressly qualified by this disclaimer.