Business
Wallbridge Agrees to Sell and Vote its Shares in Duluth Metals Limited in Favour of Antofagasta
TORONTO , Nov. 3, 2014 /CNW/ -  Wallbridge Mining Company Limited (TSX: WM, FWB: WC7...
About this update from Wallbridge Mining Co. Ltd.
[{"type":"text","content":"\n\nTORONTO, Nov. 3, 2014 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) (\"Wallbridge\") today announced that it has entered into a support agreement with Antofagasta Investment Company Limited (\"Antofagasta\") in connection with Antofagasta's proposed acquisition (the \"Acquisition\") of Duluth Metals Limited (\"Duluth\") whereby Wallbridge will vote all of its Duluth shares in favour of the Acquisition.  For more information on the proposed transaction between Duluth and Antofagasta, please see Duluth's press release released earlier today.\n\nUnder the current circumstances, Wallbridge has also agreed to sell half (i.e. 5,075,061) of its 10,150,121 Duluth shareholdings to Antofagasta at a price of $0.45 (Canadian) per share for total gross proceeds of $2,283,777.45, with closing of such transaction to occur on or about November 10, 2014.  Pursuant to the terms of the share purchase agreement, and to ensure that Wallbridge is treated identical to other Duluth shareholders, if the ultimate price paid per Duluth share by Antofagasta to other shareholders on closing of the Acquisition is greater than $0.45 per share, Antofagasta will pay the difference to Wallbridge.  Additionally, if the Acquisition is not completed but Antofagasta tenders its newly acquired 5,075,061 Duluth shares from Wallbridge to a superior proposal, Antofagasta will pay Wallbridge the difference in consideration which Wallbridge would have otherwise received had it not disposed of its Duluth shares. \n\nThe support agreement may be terminated on the occurrence or non-occurrence of certain events as set out therein, including Duluth proposing to support a superior proposal.  A failure to complete the transaction by February 15, 2015 will also result in termination of the support agreement.  The support agreement and share purchase agreement may be found on Wallbridge's corporate profile page on SEDAR at www.sedar.com.\n\nAbout Wallbridge Mining\n\nWallbridge Mining Company Limited (WM:TSX) is currently operating its first polymetallic mine, producing copper, platinum, palladium, and gold from the Broken Hammer open pit mine in Sudbury, Ontario, Canada's premier mining district. \n\nThis press release may contain forward-looking statements (including \"forward-looking information\" within the meaning of applicabl...