Wallbridge Announces Balmoral Securityholder Approval of Arrangement
Wallbridge Announces Balmoral
Securityholder Approval of Arrangement
TORONTO
,
May 8, 2020
/CNW/ -
Wallbridge Mining Company Limited
(TSX:WM, FWB: WC7)
("Wallbridge" or the "Company")
is pleased to announce that at a special meeting of Balmoral
Resources Ltd. ("
Balmoral
")
(TSX: BAR)
securityholders held on
May 7, 2020
(the "
Meeting
"),
Balmoral
securityholders voted overwhelmingly in favour of the resolution (the "
Arrangement
Resolution
") approving the acquisition of
Balmoral
by Wallbridge by way of a plan of arrangement
(the "
Arrangement
") as previously disclosed by Wallbridge and
Balmoral
.
In total 99.4% of the
Balmoral
securityholders 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
.
"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."
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.
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.
SOURCE
Wallbridge Mining Company Limited
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For further information:
please visit the Company's website at www.wallbridgemining.com or
contact: Wallbridge Mining Company Limited, Marz Kord, P. Eng., M. Sc., MBA, President & CEO,
Tel: (705) 682-9297 ext. 251, Email: [email protected]; Brian Penny, Chief Financial
Officer, Tel: (416) 716-8346, Email: [email protected]
CO: Wallbridge Mining Company Limited
CNW 07:30e 08-MAY-20