Wallbridge Mining Company Limited (TSX:WM) (FWB: WC7) announces that it has been informed that Eric Sprott has purchased 24,042,895 common shares of Wallbridge by way of a private agreement.
“We are pleased to see the increased level of interest in our company as evidenced by the trading volume over the last few weeks. We are also encouraged by Mr. Sprott’s support, believing in our company and our Fenelon Gold Property,” stated Marz Kord, President & CEO of Wallbridge. “We continue with our successful exploration and development plans at Fenelon Gold Property in order to expand the resource and move the project ahead into production”.
In his filings Mr. Sprott stated:
As of the date hereof, after giving effect to this common share purchase from Lonmin Plc, Mr. Sprott beneficially owns and controls 57,376,229 Common Shares and 16,666,667 share purchase warrants of Wallbridge, representing approximately 16.1% of the issued and outstanding Common Shares on a non-diluted basis, and approximately 19.9% on a partially diluted basis, assuming exercise of share purchase warrants. Prior to the date hereof, Mr. Sprott beneficially owned and controlled 33,333,334 Common Shares and 16,666,667 Warrants of Wallbridge, representing approximately 9.4% of the issued and outstanding Common Shares on a non-diluted basis, and approximately 13.4% on a partially diluted basis.
Mr. Sprott has a long-term view of the investment and may acquire additional securities of the Company either on the open market or through private acquisitions or sell securities of the Company either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. A copy of 2176423 Ontario Ltd.’s early warning report will appear on the Company’s profile on SEDAR and may also be obtained by calling (416) 362-7172 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).
About Wallbridge Mining
Wallbridge is establishing a pipeline of projects that will support sustainable production and revenue as well as organic growth through exploration and scalability.
Wallbridge is currently developing its 100%-owned high-grade Fenelon Gold property in Quebec with ongoing exploration and a bulk sample in 2018. Wallbridge is also pursuing other additional advanced-stage projects which would add to the Company’s near term project pipeline. These discussions benefit from the operating capabilities Wallbridge demonstrated by safely and efficiently mining the Broken Hammer deposit in Sudbury, which was completed in October 2015. Wallbridge is also continuing partner-funded exploration on its large portfolio of nickel, copper, and PGM projects in Sudbury, Ontario, with a focus on its high-grade Parkin project.
Wallbridge also has exposure to exploration for copper and gold in Jamaica and British Columbia through its 11.3% ownership of Carube Copper Corp. (CUC:TSX-V, formerly Miocene Resources Limited, a Wallbridge spin-out of its BC assets).
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