The Day Group Announces Filing of Early Warning Report Related to the Sale of Common Shares of Wallbridge Mining Company Limited to Eric Sprott
The Day Group Announces Filing of Early
Warning Report Related to the Sale of
Common Shares of Wallbridge Mining
Company Limited to Eric Sprott
AZILDA, ON
,
Jan. 3, 2020
/CNW/ - The Day Group ("
Day Group
"), comprised of William Day
Construction Limited ("
Day Construction
") and William Day Holdings Limited ("
Day Holdings
")
today announced that it has filed an early warning report (the "
Report
") announcing that Day
Construction has sold to
Eric Sprott
(through his holding company, 2176423 Ontario Ltd.), by way of
a private agreement, 10,000,000 outstanding common shares (the "
Sale
") representing
approximately 1.7% of the outstanding shares of Wallbridge Mining Company Limited ("
Wallbridge
"
or the "
Issuer
"). The shares were sold pursuant to a share purchase agreement dated
December 6,
2019
at a price of
$0.57
per share, the same price per share as Wallbridge's
$42.5 million
private
placement financing that closed on
November 29, 2019
and which resulted in Kirkland Lake Gold
Ltd. becoming a 9.9% shareholder of Wallbridge. This press release is being issued pursuant to
Canadian early warning requirements because while the Day Group's beneficial holdings of common
shares have not decreased by more than 2% of the outstanding shares of Wallbridge, as a result of
the Sale the Day Group has ceased to beneficially own, or have control or direction over, 10% or
more of the issued and outstanding common shares of Wallbridge.
Prior to the Sale, the Day Group owned 66,553,957 common shares of the Issuer representing
approximately 11.34% of the issued and outstanding common shares of the Issuer (Day
Construction: 25,361,000 common shares, Day Holdings: 41,192,957 common shares). Following
the Sale, the Day Group owns 56,553,957 common shares of the Issuer representing approximately
9.63% of the issued and outstanding common shares of the Issuer (Day Construction: 15,361,000
common shares, Day Holdings: 41,192,957 common shares).
Day Construction holds common shares of the Issuer for investment purposes and may, depending
on market and other conditions, increase or decrease its beneficial ownership, control or direction
over common shares or other securities of the Issuer, through market transactions, private
agreements, treasury issuances, exercise of convertible securities or otherwise.
For further details relating to the Acquisition, please see the Report, a copy of which is available on
the Issuer's profile on SEDAR at
www.sedar.com
.
SOURCE
William Day Holdings Limited
View original content:
http://www.newswire.ca/en/releases/archive/January2020/03/c8448.html
%SEDAR: 00010252E
For further information:
Brian Beaton, Secretary and Treasurer, William Day Construction Limited
and William Day Holdings Limited, Tel: 705-682-1555
CO: William Day Holdings Limited
CNW 08:56e 03-JAN-20