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Be the first with the news that moves the market- Wallbridge Mining (TSX:WM) has received approval from Balmoral Resources (TSX:BAR) shareholders to acquire the latter company in a share-for-share deal
- 99.4 per cent of Balmoral’s shareholders agreed to the deal, after the company’s Board recommended the acquisition earlier this year.
- Through the acquisition Balmoral shareholders would receive 0.71 of a share in Wallbridge for each previously held share in Balmoral
- Wallbridge Mining Company (TSX:WM) is up 2.04 per cent, with shares trading at C$1.00 and a market cap of $591.67 million
- Balmoral Resources (TSX:BAR) is down 1.43 per cent, with shares trading for $0.69 and a market cap of $123.22 million
Wallbridge Mining Company (TSX:WM) has received approval from Balmoral Resources (TSX:BAR) shareholders to acquire the latter company in a share-for-share deal.
99.4 per cent of Balmoral’s shareholders agreed to the deal, after the company’s Board recommended the acquisition earlier this year.
Through the acquisition Balmoral shareholders would receive 0.71 per cent of a share in Wallbridge for each previously held share in Balmoral.
When the deal was first announced in early March, Balmoral’s market share jumped up nearly 60 per cent.
Both mining companies operate in Canada. Wallbridge is currently progressing its Fenelon Gold Property in Quebec, while Balmoral is developing the Detour Gold Trend Project, surrounding the recently discovered Area 51 gold system.
Darin Wagner, President and CEO of Balmoral, is pleased the shareholders agreed with the Board’s recommendation.
“The combination of Balmoral’s property assets – including our recent high-grade gold discoveries – with Wallbridge’s development stage Fenelon property, strong treasury and development experience will create a well-funded, strongly backed Canadian-focused exploration and development company with the assets and skills to become an important player in the Canadian gold exploration business,” he said.
Similarly, Marz Kord, CEO Wallbridge said the overwhelming support from Balmoral showed the strength of the proposed combination.
With shareholder approval granted, the deal must now receive court approval. A hearing for the combination has been set for next Wednesday. If approved the company expects the deal to finalise around May 22, with Balmoral delisting from the TSX on or around May 25.
Wallbridge Mining Company (TSX:WM) is up 2.04 per cent, with shares trading at C$1.00 at 10:30am EDT.
Balmoral Resources (TSX:BAR) is down 1.43 per cent, with shares trading for $0.69 at 10:19am EDT.
