April 29, 2010 (FinancialWire) — Wallbridge Mining Company Ltd. (TSX: WM) said it has completed a brokered private placement with Industrial Alliance Securities Inc. and Secutor Capital Management Corp.  for the sale of 3.125 million flow-through common shares at CDN$0.32 per share raising aggregate gross proceeds of CDN$1 million, and of four million units at CDN$0.25 per Unit raising aggregate gross proceeds of CDN$1 million.

The offerings in respect of the shares and units were both fully subscribed, according to Wallbridge.

Each unit in the offering consists of one common share of the company and one-half of one common share purchase warrant. Each whole warrant is exercisable at a price of CDN$0.40 per share at any time prior to the close of business on October 26, 2011.

The company said that investors in the placements will also be eligible to receive a special warrant in Wallbridge’s spin-out company, Miocene Metals Ltd.

Wallbridge said it will use the proceeds raised from the share sale to incur exploration expenditures on its properties in Ontario which will constitute "Canadian exploration expenses" and "flow-through mining expenditures" (as defined in Canada’s Income Tax Act), which can be renounced to purchasers for the 2010 taxation year. It will sue the proceeds raised from the issuance of the units for working capital purposes.

Canada-based Wallbridge Mining’s primary focus is the exploration for platinum group element, nickel, and copper deposits in the Sudbury area of Ontario, Canada.

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