Financing with Auramet funds working capital for Broken Hammer project
By Devika Patel
Knoxville, Tenn., Aug. 26 – Wallbridge Mining Co. Ltd. said it arranged a $1.5 million bridge loan with Auramet International LLC. It has already raised $1.25 million.
The bridge loan matures on May 31, 2015.
Auramet will also receive 600,000 warrants, which are exercisable at C$0.15 until Aug. 20, 2016. The strike price is a 114.29% premium to the Aug. 25 closing share price of C$0.07.
Proceeds will provide Wallbridge with additional working capital during the current start-up phase of the Broken Hammer project, until sufficient revenue is received to achieve payback of the costs required to bring Broken Hammer to production and realize its revenue potential. Proceeds will also be used to retire debt.
Toronto-based Wallbridge explores for and develops nickel, copper and platinum group element deposits.
| Issuer: | Wallbridge Mining Co. Ltd.
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| Issue: | Bridge loan
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| Amount: | $1.5 million
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| Maturity: | May 31, 2015
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| Warrants: | 600,000
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| Warrant expiration: | Aug. 20, 2016
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| Warrant strike price: | C$0.15
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| Investor: | Auramet International LLC
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| Pricing date: | Aug. 26
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| Settlement date: | Aug. 26 (for $1.25 million)
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| Stock symbol: | Toronto: WM
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| Stock price: | C$0.07 at close Aug. 25
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| Market capitalization: | C$10.87 million
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