Precious metals investor Eric Sprott has increased its shareholding in TSX-listed Wallbridge Mining through a nonbrokered private placement raising C$3.9-million.
"We are pleased to have a gold investor such as Eric Sprott as one of our large shareholders. Eric is very familiar with high-grade gold deposits in the world and Fenelon obviously fit that bill," stated Wallbridge president and CEO Marz Kord.
Wallbridge is currently developing its 100%-owned high-grade Fenelon gold property, in Quebec, with ongoing exploration and a bulk sample in 2018.
The company is also pursuing other advanced-stage projects and is continuing partner-funded exploration on its portfolio of nickel, copper, and platinum group metals projects in Sudbury, Ontario.
Under the terms of the offering, units were issued at C$0.13 each, consisting of a common share and a one-half common share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share within 24 months from the closing date at C$0.20 a share.
Proceeds of the offering will be used for general corporate purposes.
Sprott now beneficially owns and controls 33 333 334 common shares and 16 666 667 warrants of Wallbridge, representing about 9.4% of the issued and outstanding common shares on a non-diluted basis, and about 13.4% on a partially diluted basis. Before, Sprott owned 1% of the issued and outstanding common shares on a non-diluted basis, and about 1.5% on a partially diluted basis.