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