Wallbridge/Balmoral merger completed

The marriage between Wallbridge Mining and Balmoral Resources has been consummated so now the expectant parents are jointly planning the arrival of their first child called Fenelon. 

Story by Kevin Vincent 

"The overwhelming support of the Arrangement by Balmoral securityholders is a tremendous endorsement of the strength of our to-be combined companies," said Marz Kord, CEO of Wallbridge. "We would like to thank the Balmoral securityholders for their approval of this transaction. Wallbridge's Management team is excited about the future and confident the Company is extremely well positioned to deliver meaningful value to all Wallbridge securityholders."

Wallbridge Mining Company Limited announced this morning (May 8) that at a special meeting of Balmoral Resources Ltd. ("Balmoral") (TSX: BAR)  securityholders held on May 7, 2020, Balmoral security-holders voted overwhelmingly in favour of a resolution approving the acquisition of Balmoral by Wallbridge announced earlier this year.

In total, 99.4% of the Balmoral security-holders who cast ballots voted to approve the Arrangement. Under the terms of the Arrangement, Wallbridge will, among other things, acquire all of the issued and outstanding shares of Balmoral, with Balmoral securityholders receiving 0.71 of a common share of Wallbridge for each issued and outstanding common share of Balmoral currently held. The report of voting results will be made available under Balmoral's profile on SEDAR at www.sedar.com.

About Wallbridge Mining

The Company is currently developing its 100%-owned Fenelon Gold Property, which is located proximal to the Sunday Lake Deformation Zone, in an emerging gold belt in northwestern Quebec with ongoing 100,000 to 120,000 metre exploration drill program in 2020 and a 33,500-tonne bulk sample and 75,000 metres of drilling completed in 2019. Wallbridge is also pursuing additional advanced-stage projects which would add to the Company's near-term project pipeline. Wallbridge is also the operator of, and a 16.5% shareholder in, Loncan Canada Inc., a privately-held company with a large portfolio of nickel, copper, and PGM projects in Ontario's Sudbury Basin.

Tags: Northern Ontario / Deals & Financial / Gold / All Articles