Toronto-listed Wallbridge Mining has completed a C$63.2-million capital raising, the proceeds of which will be used for continued advancement of the Fenelon gold project, in Quebec.
The company issued 55.5-million common shares at C$1.15 a share on a bought deal basis for C$63.8-million. This includes the partial exercise of the over-allotment option by the underwriters to acquire an additional 6.5-million common shares at C$1.15 each.
Gold miner Kirkland Lake Gold acquired 20-million shares to increase its ownership interest in the company to about 9.9%, on a non-diluted basis.
The Fenelon property is located along the Detour-Fenelon gold trend, an emerging gold belt in north-western Quebec with an ongoing, fully-funded 100 000 m exploration drill programme in 2020.