Wallbridge Provides Update on Sale of Nickel Assets

Wallbridge Mining Company Limited (TSX:WM, OTCQX:WLBMF) (“Wallbridge” or the “Company”) provides an update on the status of the Company’s previously announced transaction under which Archer Exploration Corp. (CSE: RCHR) (“Archer”) will acquire all of the property, assets, rights, and obligations (the “Transaction”) related to Wallbridge’s portfolio of nickel assets (the “Nickel Assets”).

Further to Archer’s news release of November 8, 2022, Archer announced the following:

• It has priced its fully-subscribed $10.0 million private placement offering (the “Archer Financing”), which is a condition of closing of the Transaction.
• The Archer Financing is expected to close immediately prior to, or contemporaneously with, the closing of the Transaction, which is expected to be on or about November 18, 2022 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals.
• Archer has completed a share consolidation (the “Consolidation”) of its common shares (the “Archer Shares”) on the basis of one post-Consolidation Archer Share for every three Archer Shares held immediately prior to the Consolidation.
• The acquisition of Lonmin Canada Inc. (“Loncan”) by Magna Mining Inc. (“Magna”) (the “Loncan Sale”) closed on November 7, 2022. In relation to the Loncan Sale, on closing of the Transaction a total of $2.7 million received by Wallbridge from the sale of Wallbridge’s Loncan shares (which comprises part of the Nickel Assets) will be payable by Wallbridge to Archer. A deferred payment of $0.6 million by Magna will be paid to Archer in cash or shares on or before November 7, 2023.

 

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