Wallbridge Mining Announces Distribution of Miocene Metals Special Warrants
TORONTO, May 18 /PRNewswire-FirstCall/ - Wallbridge Mining Company Limited ("Wallbridge" or the "Company") (TSX: WM) is pleased to announce it has been advised by Equity Transfer Services that the distribution of Miocene Metals Special Warrants to Wallbridge shareholders of record as of April 30, 2010 has now been completed. Shareholders who hold their shares in a brokerage account, including on-line trading accounts, should see the Special Warrants in their accounts in approximately two or three weeks time when the brokerage completes allocation of the Special Warrants to clients after they were delivered in bulk. Wallbridge shareholders who hold their shares in their own name should have received their Special Warrants by courier.
These Special Warrants are an intermediate step to the issuance of freely trading shares. This step is necessary as Miocene Metals is currently a wholly owned subsidiary of Wallbridge.
The Special Warrants will automatically convert into freely trading common shares of Miocene Metals at such time Miocene Metals completes a liquidity event which will be either (i) a significant financing of not less than $3,000,000 and the listing of the common shares of Miocene Metals on a Canadian or US stock exchange or (ii) a "reverse take-over" with a company listed on a Canadian or US stock exchange or (iii) the completion by Miocene Metals of an IPO and the listing of its shares on a Canadian or US stock exchange.
No further action is required by Wallbridge shareholders as the
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conversion will happen automatically at no cost, upon one of the above
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events being completed.
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In the event that Miocene Metals does not complete one of the liquidity events by October 31, 2011, the Special Warrants will expire and Miocene Metals will continue to be a subsidiary of Wallbridge.
At present we expect to complete a liquidity event within the next year, but this schedule is somewhat dependent on the state of world capital markets and the time required for the necessary regulatory approvals. The Miocene Metals dividend is modeled after the highly successful Duluth Metals Limited ("Duluth Metals") dividend we gave our shareholders in 2005 when we spun out our Minnesota properties into Duluth Metals. In November 2005, we distributed to our shareholders one Special Warrant of Duluth Metals for every four shares of Wallbridge held. Duluth Metals then raised exploration funding as a private company, carried out an initial exploration program, completed an initial public offering, and began trading on the Toronto Stock Exchange on October 10, 2006, at which time the Duluth Metals Special Warrants converted into freely trading shares.
Today Duluth Metals is a highly successful company, and its shares trade in the range of $2.00. Wallbridge currently owns 12.3 million shares of Duluth Metals.
This is the kind of success we hope to duplicate with Miocene Metals.
Immediate plans for Miocene Metals will be to complete a private placement financing, a joint venture with Wallbridge which will see Wallbridge fund an initial exploration program on the properties using its existing BC Flow Through funding, and to then complete a further financing, which will allow for an aggressive exploration program on the properties, prior to completing one of the liquidity events.
About the Companies
Wallbridge Mining Company Limited's primary focus is the exploration for platinum group element ("PGE"), nickel, and copper deposits in the Sudbury area of Ontario. The Sudbury area hosts 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 Vale Inco, 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.
Miocene Metals Limited will be a company focused on exploration for and development of copper-gold-molybdenum resources in southwestern British Columbia within the Cascade Magmatic Arc.
This document may contain forward-looking statements relating to Wallbridge's operations or to the environment in which it operates. 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.
SOURCE Wallbridge Mining Company Limited
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