- Wallbridge Mining (WM) has completed the sale of its portfolio of nickel assets to Archer Exploration (RCHR)
- Wallbridge has received 66,211,929 common shares of Archer valued at approximately $53.6 million
- Wallbridge will distribute 48,168,171 shares to the company’s shareholders and retain 18,043,758 shares
- Archer is a Canada-based Ni-Cu-Co-PGE-focused exploration and development company
- Wallbridge Mining Co is engaged in the exploration and production of gold, copper, nickel and platinum group metals
- Wallbridge Mining Company Ltd. (WM) is up 2.70 per cent on the day, trading at C$0.19 per share at 11:00 am ET
Wallbridge Mining (WM) has completed the sale of its portfolio of nickel assets to Archer Exploration (RCHR).
Under terms of the transaction, Wallbridge has received 66,211,929 common shares of Archer valued at approximately $53.6 million. Wallbridge will retain a 2 per cent net smelter royalty on production from the Grasset project.
Wallbridge has nominated two representatives to the Archer board of directors – Marz Kord, President & CEO and Brian Penny, CFO.
Marz Kord commented on the sale.
“The transaction is in line with Wallbridge’s strategy of moving forward as a pure-play gold company focused on its core Detour-Fenelon Gold Trend properties while enabling Wallbridge shareholders to participate in the potential economic upside in Archer. Archer is a focused exploration and development company which we believe has the management group and funding in place to deliver long-term value for our shareholders.”
Wallbridge will distribute 48,168,171 shares of Archer Exploration to the company’s shareholders of record as of November 16, 2022.
The company will retain 18,043,758 shares representing approximately 19.9 per cent of the outstanding common shares of Archer.
Archer is a Canada-based Ni-Cu-Co-PGE-focused exploration and development company. Archer’s flagship and core asset is the Grasset Project, located within the Abitibi greenstone belt approximately 55 kilometres west-northwest of Matagami, Quebec. Archer holds an extensive portfolio of 37 properties comprised of 309 square kilometres within 807 mining titles in the world-class mining district of Sudbury.
Wallbridge Mining Co is engaged in the exploration and production of gold, copper, nickel and platinum group metals. The company owns Sudbury Projects, Quebec Projects and Equity Investments.
Wallbridge Mining Company Ltd. (WM) is up 2.70 per cent on the day, trading at C$0.19 per share at 11:00 am ET.