Capital continues to flow into the resource sector. Wallbridge Mining (TSX: WM) last night announced the closing of its latest financing, a flow through private placement that raised the company gross proceeds of $14.2 million.
The financing saw the sale of two types of units, the first being National flow through shares, while the second is Quebec flow through shares. In both cases, no warrants were offered by the company. National flow through shares were sold at a price of $0.37 per each, with a total of 24.6 million shares sold, while Quebec flow through shares were sold at $0.41 per each, with 12.4 million shares sold.
Proceeds from the offering are to be used for the exploration of the firms Detour-Fenelon property, located in Quebec.
The closing of the financing follows the firm closing a $15.0 million bought deal financing just yesterday. That offering consisted of charity flow through common shares, of which a total of 27.3 million were sold at a price of $0.55 per each. Notably, Kirkland Lake Gold acquired 6.4 million shares under that offering to maintain its 9.9% ownership in the company.
Funds from that offering will also be used for exploration at the Detour-Fenelon gold property.
Wallbridge Mining last traded at $0.32 on the TSX.
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