Wallbridge Mining (TSE:WM), a company specializing in base metals and precious metals exploration in Canada, reported Monday that its spin-out Miocene Metals has closed its initial public offering, raising $5.28 million.
Miocene’s shares are to set to trade on the TSX Venture Exchange on Tuesday, under the symbol “MII” as a tier one mining issuer.
Toronto-based Wallbridge now holds 28.47 million shares of Miocene Metals, reflecting 43% of the total outstanding shares.
Miocene special warrants – distributed as a dividend-in-kind to Wallbridge shareholders on record as of April 30 – were converted into common shares of Miocene Metals following the IPO's completion.
Wallbridge shareholders who hold special warrants in their name will receive Miocene Metals shares directly, while shareholders who hold theirs in a brokerage account should see Miocene shares in their accounts in two weeks time, the company said.
"We are excited to announce that another one of Wallbridge's former subsidiaries has been successfully spun-out into a publicly traded company,” Alar Soever Chief Executive of Wallbridge said in a statement.
“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."
The spin-out of Miocene follows the successful spin-out of Duluth Metals in 2005, which was formed to finance the exploration of the company's Minnesota properties.
Miocene was created to fund the exploration of a portfolio of copper-gold-molybdenum properties in southwestern Vancouver.
Wallbridge is a mineral exploration company specializing in base metals and precious metal exploration in Canada, with its primary properties situated in Sudbury, Ontario.