Toronto, Ontario--(Newsfile Corp. - December 19, 2019) - Eric Sprott announces that on December 18, 2019, he purchased 2,967,000 flow through common shares of Wallbridge Mining Company Limited, through a private placement, at $0.95 per share for total consideration of $2,818,650 million. Prior to the acquisition, Mr. Sprott beneficially owned and controlled 121,387,063 common shares (Shares) and 2,500,000 Share purchase warrants representing approximately 21% of the outstanding Shares on a non-diluted basis and approximately 21.3% on a partially diluted basis assuming the exercise of all warrants.
As a result of the acquisition, Mr. Sprott now beneficially owns and controls 124,354,063 Shares and 2,500,000 warrants representing approximately 21.2% of the outstanding Shares on a non-diluted basis and approximately 21.5% on a partially diluted basis assuming the exercise of all warrants.
The acquisition resulted in a partially diluted beneficial ownership decrease in holdings of approximately 3.7% of the outstanding Shares on a partially diluted basis since the last early warning report and, therefore, the filing of an update to the early warning report.
The securities noted above are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of Wallbridge Mining including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
Wallbridge Mining is located at 129 Fielding Road, Lively, ON P3Y 1L7. A copy of the early warning report with respect to the foregoing will appear on the company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and may also be obtained by calling Mr. Sprott's office at (416) 945-3294.
2176423 Ontario Ltd.
200 Bay Street, Suite 2600
Royal Bank Plaza, South Tower
Toronto, Ontario M5J 2J1
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