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Wallbridge Mining Company Limited and Balmoral Resources Ltd. to Combine in an All-Stock Transaction, Creating a Formidable and Well Financed Canadian Exploration & Development Company with a Dominant Land Position along the Detour Gold Trend in Quebec
Wallbridge Mining Company Limited and Balmoral Resources Ltd. to Combine in an All-Stock T...
About this update from Wallbridge Mining Co. Ltd.
[{"type":"text","content":"\n\n\n\nWallbridge Mining Company Limited and Balmoral Resources Ltd. to Combine in an All-Stock Transaction, Creating a Formidable and Well Financed Canadian Exploration & Development Company with a Dominant Land Position along the Detour Gold Trend in Quebec\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nWallbridge Mining Company Limited and Balmoral Resources Ltd. to Combine in an All-Stock Transaction, Creating a Formidable and Well Financed Canadian Exploration & Development Company with a Dominant Land Position along the Detour Gold Trend in Quebec\nCanada NewsWire\nTORONTO and VANCOUVER, March 2, 2020\n\n\n\nTORONTO and VANCOUVER, March 2, 2020 /CNW/ - Wallbridge Mining Company Limited (TSX:WM) (\"Wallbridge\" or the \"Company\") and Balmoral Resources Ltd. (TSX:BAR) (\"Balmoral\") announce today that they have entered into a definitive agreement (the \"Arrangement Agreement\") following the signing of a Letter of Intent on February 14, 2020, whereby Wallbridge will, among other things, acquire all of the issued and outstanding shares of Balmoral, in an all-stock transaction, pursuant to a plan of arrangement as further described below (the \"Transaction\"). \n\n \n \n \n \n \n \n\n \nUnder the terms of the Transaction, all of the issued and outstanding shares of Balmoral will be exchanged at a ratio of 0.71 of a Wallbridge common share for each Balmoral common share.  Upon completion of the Transaction, existing Wallbridge and Balmoral shareholders will own approximately 82% and 18% of the Company's pro forma issued and outstanding shares, respectively.\nThe exchange ratio implies consideration of C$0.62 per Balmoral common share based on the volume weighted average price of Wallbridge common shares on the Toronto Stock Exchange (\"TSX\") for the 20 trading days ending February 28, 2020, representing a 46% premium to the volume weighted average price of Balmoral common shares on the TSX over that period and implying an equity value of the Transaction equal to C$110 million.\nTransaction Benefits to Wallbridge Shareholders \nCombines complementary, h...