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Wallbridge Mining Declares Shareholder Distribution
TORONTO, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Wallbridge Mining Company Limited (TSX:WM, OTCQX:WLBMF) (“Wallbridge” or the “Company”) today declared a distribution
About this update from Wallbridge Mining Co. Ltd.
[{"type":"text","content":" TORONTO, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Wallbridge Mining Company Limited (TSX:WM, OTCQX:WLBMF) (“Wallbridge” or the “Company”) today declared a distribution in specie of 48,168,138 common shares (“Archer Shares”) in the capital of Archer Exploration Corp. (“Archer”). to shareholders of record of the Company on November 16, 2022 and payable on November 18, 2022. The Archer Shares will be issued in connection with the previously announced transaction under which Archer will acquire all of the property, assets, rights, and obligations related to Wallbridge’s portfolio of nickel assets (the “Transaction”). The distribution will be subject to the due bill trading requirements of the Toronto Stock Exchange (the \"TSX\"). The TSX requires that the Company’s common shares trade on a due bill basis from the opening of trading on November 15, 2022 until the close of trading on the payment date of November 18, 2022. The Company’s common shares will commence trading on an ex-distribution basis (without an attached due bill entitlement to the distribution) from the opening of trading on November 21, 2022. The due bills will be redeemed on November 22, 2022, once all trades with attached due bills entered during the due bill period have settled. For further information on due bills, please refer to the Company’s management information circular dated September 7, 2022. The distribution will be effected as a reduction in stated capital pursuant to Section 34(1)(b) of the Business Corporations Act (Ontario) in accordance with the resolution approved by the Company’s shareholders on October 18, 2022. The distribution represents the payment of 0.0546 Archer Shares for every 1 Wallbridge common share. The Archer Shares will be subject to resale restrictions under applicable Canadian securities laws. For further information, please see the Company’s management information circular dated September 7, 2022 available at www.sedar.com. About Wallbridge Mining Wallbridge is focused on creating value through the exploration and sustainable development of gold projects along the Detour-Fenelon Gold Trend while respecting the environment and communities where it operates. Wallbridge’s flagship project, Fenelon Gold (“Fenelon”), is located on the highly prospective Detour-Fenelon Gold Trend Property (“Detour-Fenelon Gold Trend Property”) in Quebec’s Nor...