With completion of the Arrangement Wallbridge has now acquired 100% of the issued and outstanding common shares (the 'Balmoral Shares') of Balmoral in exchange for consideration of 0.71 of a common share of Wallbridge for each Balmoral Share.
'With the completion of the Arrangement, Wallbridge now controls a district-scale land position along the Detour-Fenelon Gold Trend, a major structure that hosts the
'The strong drilling results from both companies over the last few weeks and accompanying strong move in the share prices of Wallbridge and Balmoral into today's completion of the Arrangement simply reinforces the rationale for combining the two companies,' said
Pursuant to the Arrangement, Balmoral shareholders have received 0.71 of a common share of Wallbridge (each whole common share a 'Wallbridge Share') in exchange (the 'Exchange Ratio') for each Balmoral Share held immediately prior to completion of the Arrangement. In the aggregate, 130,556,944 Wallbridge Shares were issued under the Arrangement to Balmoral shareholders as consideration for their Balmoral Shares. The existing Wallbridge and former Balmoral shareholders now own approximately 82% and 18% of the issued and outstanding Wallbridge shares, respectively.
As a result of the Arrangement, Balmoral has become a wholly-owned subsidiary of Wallbridge, and the Balmoral Shares are anticipated to be de-listed from the
Former registered shareholders of Balmoral will be required to submit their share certificates or DRS advices and letters of transmittal to
About
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.
Wallbridge is currently developing its 100%-owned Fenelon gold project, which is located along the Detour-Fenelon Gold Trend, an emerging gold belt in northwestern
Following completion of the acquisition of Balmoral, Wallbridge has secured a buffer of several kilometres surrounding its rapidly-expanding Fenelon discovery providing room for growth as well as future mine development flexibility. The transaction with Balmoral also significantly expands Wallbridge's land holdings in
About
Balmoral is a multi-award winning Canadian-focused exploration company with a portfolio of gold and base metal properties located within the prolific Abitibi greenstone belt. The company's flagship,
Contact:
Tel: (705) 682-9297
Email: mkord@wallbridgemining.com
Disclaimers
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.
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