TORONTO, Jan. 21, 2020 /CNW/ - Wallbridge Mining
Company Limited (TSX:WM, FWB: WC7) (the
"Wallbridge") today announced that it has filed an early
warning report (the "Report") related to its shareholdings
in Carube Copper Corp. ("Carube"). As the result of a
private placement completed by Carube on January 17, 2020 (the "Private
Placement"), Wallbridge has ceased to beneficially own or have
control or direction over 10% or more of the issued and outstanding
common shares of Carube.
As of the date hereof, Wallbridge owns 19,235,911 common shares
("Common Shares") of Carube (the Common Shares are listed
for trading on the TSX Venture Exchange (TSXV: CUC). On
January 17, 2020, Carube issued
50,100,000 Common Shares, which are listed for trading on the TSX
Venture Exchange. As a result of the Private Placement,
Wallbridge's ownership of Carube's Common Shares decreased by
approximately 2.42% to 8.51%.
In future, Wallbridge may from time to time acquire or dispose
ownership of, or control of direction over, securities of Carube
for investment purposes.
About Wallbridge Mining
Wallbridge is establishing a
pipeline of projects that will support sustainable 100,000
ounce-plus annual gold production as well as organic growth through
exploration and scalability.
The Company is currently developing its 100%-owned Fenelon Gold
Property, which is located proximal to the Sunday Lake Deformation
Zone, an emerging gold belt in northwestern Quebec with ongoing 100,000 to 120,000 m exploration drill program in 2020 and a
33,500-tonne bulk sample and 75,000 m
drilling completed in 2019. Wallbridge is also pursuing additional
advanced-stage projects which would add to the Company's near-term
project pipeline. Wallbridge is also the operator of, and a 20%
shareholder in, Loncan Canada Inc., a privately-held company with a
large portfolio of nickel, copper, and PGM projects in Ontario's Sudbury Basin.
This press release may contain forward-looking statements
(including "forward-looking information" within the meaning of
applicable Canadian securities legislation and "forward-looking
statements" within the meaning of the US Private Securities
Litigation Reform Act of 1995) relating to, among other things, the
operations of Wallbridge and the environment in which it operates.
Generally, forward-looking statements can be identified by the use
of words such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Wallbridge has relied on
a number of assumptions and estimates in making such
forward-looking statements, including, without limitation, the
costs associated with the development and operation of its
properties. Such assumptions and estimates are made in light of the
trends and conditions that are considered to be relevant and
reasonable based on information available and the circumstances
existing at this time. A number of risk factors may cause actual
results, level of activity, performance or outcomes of such
exploration and/or mine development to be materially different from
those expressed or implied by such forward-looking statements
including, without limitation, whether such discoveries will result
in commercially viable quantities of such mineralized materials,
the possibility of changes to project parameters as plans continue
to be refined, the ability to execute planned exploration and
future drilling programs, the need for additional funding to
continue exploration and development efforts, changes in general
economic, market and business conditions, and those other risks set
forth in Wallbridge's most recent annual information form under the
heading "Risk Factors" and in its other public filings.
Forward-looking statements are not guarantees of future performance
and such information is inherently subject to known and unknown
risks, uncertainties and other factors that are difficult to
predict and may be beyond the control of Wallbridge. Although
Wallbridge has attempted to identify important risks and factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors and risks that cause actions, events or
results not to be as anticipated, estimated or intended.
Consequently, undue reliance should not be placed on such
forward-looking statements. In addition, all forward-looking
statements in this press release are given as of the date
hereof.
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. The forward-looking
statements contained herein are expressly qualified by this
disclaimer.
SOURCE Wallbridge Mining Company Limited