Wallbridge Mining's Spin-Out Miocene Metals Completes Initial Public Offering |
| Newswire.ca - Aug 8, 2011 |
WALLBRIDGE MINING COMPANY LIMITED
Wallbridge Mining's Spin-Out Miocene Metals Completes Initial Public Offering.
TORONTO, Aug. 8, 2011 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the "Company") is pleased to report that its subsidiary, Miocene Metals Limited ("Miocene Metals"), has closed on its Initial Public Offering ("IPO") of $5,028,200. Miocene Metals' common shares will commence trading on the TSX Venture Exchange (the "Exchange") at the opening of business on Tuesday, August 9, 2011, under the trading symbol MII as a Tier 1 Mining Issuer.
The Miocene Special Warrants, which were distributed as a dividend-in-kind to those Wallbridge shareholders of record as of April 30, 2010, were automatically converted into common shares of Miocene Metals upon completion of the IPO. Wallbridge shareholders who hold their Special Warrants in a brokerage account, including on-line trading accounts, should see the Miocene Metals common shares in their accounts within approximately two weeks' time. Wallbridge shareholders who hold their Special Warrants in their own name will receive their Miocene Metals common shares directly.
Commenting on the closing of the initial public offering, Alar Soever, the President and CEO of Wallbridge stated: "We are excited to announce that another one of Wallbridge's former subsidiaries has been successfully spun-out into a publicly traded company. This spin-out was modeled after the highly successful spin-out of Duluth Metals Limited, another former subsidiary of Wallbridge. We are optimistic that Miocene Metals will enjoy similar success to that Duluth Metals has had since its initial public offering. Walbridge will continue to look for other value-enhancing opportunities for its shareholders in the future and we are pleased that our shareholders have been able to participate in the benefits of this transaction with Miocene Metals."
As a result of the spin out transaction and its participation in the IPO Wallbridge currently holds 28,447,326 common shares in the capital of Miocene Metals, representing about 43% of the total issued and outstanding shares of Miocene after giving effect to the closing of the IPO and the conversion of the Special Warrants into Miocene common shares.
Additional detailed disclosure regarding the Company and of Miocene Metals can be found on SEDAR at www.sedar.com and on the Company's website at www.wallbridgemining.com and on Miocene Metals' website at www.miocenemetals.com.
About Miocene Metals Limited
Miocene Metals is focused on the exploration and development of seven porphyry copper-gold-molybdenum properties in south-western British Columbia that occur within the Tertiary-aged Cascade Magmatic Arc. The Cascade Arc shares many geological characteristics with Tertiary-age porphyry belts that stretch the length of Chile and Peru in South America and hosts some of the world's largest porphyry copper-gold-molybdenum deposits.
About the Company
Wallbridge Mining Company Limited's primary focus is the exploration for platinum group elements ("PGE"), nickel and copper deposits in the Sudbury area of Ontario. The Sudbury area hosts one of the world's largest concentration of nickel deposits and is currently the most active mining camp in North America. Major joint venture partners in Sudbury include Xstrata Nickel, Lonmin Plc and Impala Platinum Holdings Limited. Wallbridge also has a major shareholding in Duluth Metals Limited, which has defined a large copper-nickel-PGE resource in the rapidly emerging Duluth Complex base metal camp in Minnesota. Duluth Metals is advancing this resource through feasibility in joint venture with Antofagasta plc, one of the world's major copper producers. Wallbridge also holds a significant shareholding Miocene Metals Limited, which was formed to finance the exploration of a portfolio of copper-gold-molybdenum properties in southwestern BC.
This document may contain forward-looking statements relating to operations of Wallbridge or its subsidiaries or to the environment in which they operate. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Wallbridge's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Wallbridge disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
For further information:
Please visit the Company's website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Mara Strazdins,
Vice-President, Investor Relations Ron Poirier,
Investor Relations
Tel: (416) 369-1500 ext 222 Tel: (705) 682-9297 ext 263
Email: mstrazdins@wallbridgemining.com Email: rpoirier@wallbridgemining.com
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- Posted: 2011-08-11 11:27:32
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