Wallbridge Mining negotiating private placement as part of reorganization

By Sheri Kasprzak

Atlanta, June 9 - Wallbridge Mining Co. Ltd. said that as part of its reorganization to form Wallbridge America Ltd. it may conduct a private placement.

Although the terms of the offering have not yet been determined, the deal will be conducted as Wallbridge Mining anticipates distributing special warrants to its shareholders. Those special warrants are exchangeable into shares of Wallbridge America.

The conversion of those special warrants into common shares of Wallbridge America is contingent upon a financing of at least C$3 million. If that financing is not completed within six months, the special warrants expire and Wallbridge America will remain a subsidiary of Wallbridge Mining rather than a new company.

In addition to conducting a private placement, Wallbridge America said it plans to complete an initial public offering and obtain a listing on the Toronto Stock Exchange's Venture Exchange.

Wallbridge America plans to acquire all of Wallbridge Mining's Minnesota exploration assets.

Based in Toronto, Wallbridge Mining is a nickel, copper and platinum group exploration company.

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