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Be the first with the news that moves the market- Wallbridge Mining (WM) is revealed a C$56 million share offer on the heels of a joint venture deal with a fellow TSX-listed mining giant
- Wallbridge will issue 49 million shares at $1.15 per share, some of which will go to the company’s new joint venture partner Kirkland Lake Gold (KL)
- Due to participation rights outlined in the offering, Kirkland will be able to increase its stake in Wallbridge to around 9.9 per cent
- Through a joint venture deal revealed earlier this week, Kirkland can now earn up to a 75 per cent interest in Wallbridge’s Detour East property by contributing $35 million in exploration costs
- Wallbridge Mining (WM) is down 3.8 per cent and is currently trading at $1.25 per share
- Meanwhile, Kirkland Lake Gold (KL) is down 0.76 per cent and is trading at $70.72 per share
Wallbridge Mining (WM) is revealed a C$56 million share offer on the heels of a joint venture deal with a fellow TSX-listed mining giant.
Through a bought deal financing offer, Wallbridge will issue 49 million shares at $1.15 per share, some of which will go to the company’s new joint venture partner Kirkland Gold (KL).
Due to participation rights outlined in the offering, Kirkland will be able to increase its stake in Wallbridge to around 9.9 per cent.
Kirkland and Wallbridge revealed their joint plan to tackle the Detour East gold property earlier this week. Through the joint term sheet, Kirkland can earn up to a 75 per cent interest in the property by contributing $35 million over a series of tranches.
With Kirkland now heavily contributing to the Detour East site, Wallbridge can turn its full attention to its highly-prospective flagship Fenelon gold property, which was recently expanded through the acquisition of regional competitor Balmoral Resources, earlier this year.
Marz Kord, President and CEO of Wallbridge Mining, believes the deal will allow the company to advance the Detour site without detracting from its flagship property.
“Entering into a joint venture with Kirkland on the Detour East will allow us to focus on the Fenelon gold system and will bring us a high-quality partner with excellent knowledge of the regional geology through its Detour Lake operations, located adjacent to Detour East,” he said.
Wallbridge Mining (WM) is down 3.8 per cent and is currently trading at $1.25 per share at 3:17pm EDT.
Meanwhile, Kirkland Lake Gold (KL) is down 0.76 per cent and is trading at $70.72 per share at 3:05pm EDT.
