Miocene Metals Files IPO Preliminary Prospectus
TORONTO, March 4 /CNW/ --
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TORONTO, March 4 /CNW/ - Miocene Metals Limited and Wallbridge Mining
Company Limited (TSX: WM) (FSE: WC7) today announced that Miocene Metals Limited ('Miocene'), the private
company formed to finance exploration of Wallbridge's seven British
Columbia porphyry copper-gold-molybdenum properties, filed a
Preliminary Prospectus for its Initial Public Offering on March 1, 2011
with the Ontario, Alberta and British Columbia Securities Commissions
which was receipted on March 2, 2011. The Offering consists of
Flow-Through Shares and Units of Miocene, where each Unit consists of
one common share of Miocene and one half of one common share purchase
warrant of Miocene. The preliminary prospectus is still subject to completion or
amendment. There will not be any sale or any acceptance of an offer to
buy the securities until a receipt for the final prospectus has been
issued.
Bruce Jago, President and CEO of Miocene commented that 'Filing of the
preliminary prospectus is an important milestone on the path to
becoming a public issuer and building a new copper, gold and molybdenum
producer in British Columbia.'
Macquarie Private Wealth Inc. (the 'Agent') has been appointed by
Miocene Metals Limited as the exclusive sales agent pursuant to the
Offering on a commercially reasonable efforts agency basis subject to
completion of due diligence. Miocene filed a preliminary prospectus in
connection with a prospectus offering in British Columbia, Alberta and
Ontario of up to $7,200,000 consisting of up to 10,000,000 units
('Units') at a price of $0.36 per Unit and up to 9,000,000 of
flow-through common shares ('Flow-Through Shares') at a price of $0.40
per Flow-Through Share. Each Unit will be comprised of one common share
('Common Share') and one half of one Common Share purchase warrant
('Warrant'). Each whole Warrant shall be exercisable into one Common
Share at a price of $0.50 per Common Share for a period of 2 years from
the closing date of the Offering. Each Flow-Through Share will be
issued as a 'flow-through share' within the meaning of the Income Tax
Act (Canada) (the 'Tax Act').
Macquarie Private Wealth is part of the Macquarie Banking and Financial
Services Group, the primary relationship manager for Macquarie's retail
client base and has over $13.7 billion of clients' assets under advice,
administration or management. Macquarie belongs to the Investment
Industry Regulatory Organization of Canada (IIROC) and the Canadian
Investor Protection Fund (CIPF). A copy of the preliminary prospectus is available on Miocene's corporate
profile page which may be accessed at www.sedar.com or may be acquired directly from Macquarie Private Wealth Inc. at 4100
Yonge Street, Suite 500, North York, ON, M2P 2B5, Attention: Bijan
Levine, Tel: (416) 512-3680, e-mail: bijan.levine@macquarie.com. Please direct all inquiries to Mr. Bijan Levine.
About Miocene Metals Limited
Miocene is focused on the exploration and development of seven porphyry
copper-gold-molybdenum properties acquired from Wallbridge in
south-western British Columbia within the Miocene-aged Cascade Magmatic
Arc. The Cascade Arc shares many geological characteristics with the
Miocene-age porphyry belt that stretches the length of Chile and
Argentina in South America and hosts some of the world's largest
porphyry copper-gold-molybdenum deposits including Chuquicamata, El
Teniente and Los Bronces.
About Wallbridge Mining Company Limited
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, 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 and
recently announced a joint venture with Antofagasta plc, which will see
the project financed through feasibility.
This document may contain forward-looking statements relating to
Miocene'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
Miocene's control. A number of important factors could cause actual
outcomes and results to differ materially from those expressed in
forward-looking statements. 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. Miocene 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.
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Please visit the Miocene's website at www.miocenemetals.com, or contact:
Miocene Metals Limited
Linda Zubal, Investor Relations
Tel: (705) 682-9297 ext. 247
Email: lzubal@miocenemetals.com
Ron Poirier, Investor Relations
Tel: (705) 682-9297 ext 263
Email: rpoirier@miocenemetals.com
Please visit Wallbridge's website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Mara Strazdins, Vice-President, Investor Relations
Tel: (416) 369-1500 ext 222
Email: mstrazdins@wallbridgemining.com
Ron Poirier, Investor Relations
Tel: (705) 682-9297 ext 263
Email: rpoirier@wallbridgemining.com