Wallbridge Mining closes $1.25m private placement financing

Wallbridge Mining (TSE:WM), a company specializing in base metals and precious metals exploration in Canada, announced on Monday that it has closed its private placement financing of $1.25 million, having completed the second and final tranche.
In the second part of the offering, the company sold 999,615 flow-through shares at 26 cents a share, raising $259,900.
The total offering consisted of 4.8 million flow-through shares raising a total of $1.25 million, which was fully subscribed, the company said. The first tranche was completed on June 2, 2011.
The proceeds raised will be used by the company to incur exploration expenditures on its properties in Ontario.
Wallbridge said that a cash finder's fee of 6% of the proceeds raised was paid to Limited Market Dealer and Macquarie Private Wealth.
The company focuses on the exploration of nickel, copper and platinum deposits in the Sudbury area of Ontario, which hosts the world's largest concentration of nickel deposits. It  also holds a significant shareholding in Miocene Metals, which was formed to finance the exploration of a portfolio of copper-gold-molybdenum properties in southwestern B.C.