- Wallbridge Mining Company Ltd. enters into a definitive agreement with Archer Exploration Corp. (CSE:RCHR)
- Archer will acquire all of Wallbridge’s property, assets, rights, and obligations related to its portfolio of nickel assets, including the Grasset property near Matagami, Québec.
- Wallbridge receives upfront consideration of C$53.6 million, consisting of 198,635,786 common shares of Archer
- Wallbridge Mining Company Ltd. (WM) is up 2.78 per cent on the day, trading at C$0.18 per share at 10:45 am EDT.
Wallbridge Mining (WM) has signed a definitive agreement with Archer Exploration Corp. (CSE:RCHR).
Under the agreement, Archer will acquire all of Wallbridge’s property, assets, rights, and obligations related to its portfolio of nickel assets, including the Grasset property.
Wallbridge says it will create a focused and well-funded publicly-traded nickel exploration and development company. WM will continue to focus on its core Detour-Fenelon Gold Trend properties while enabling shareholders to participate in the potential economic upside in Archer.
Wallbridge will receive an upfront payment of C$53.6 million, consisting of 198,635,786 common shares of Archer. Archer will proceed with a private placement of securities to raise gross proceeds of at least $10,000,000 to be completed on or before the closing of the transaction.
Marz Kord, P. Eng., M. SC., MBA, President and CEO of Wallbridge, commented on the transaction.
“Our core focus remains on the exploration and development of our 100 per cent-owned Fenelon Gold property, located on the highly prospective Detour-Fenelon Gold Trend in Northern Abitibi, Quebec, where we are currently in the midst of a major drilling campaign to expand the multi-million-ounce resource that we have already identified. The opportunity to have our portfolio of non-core nickel assets acquired by a focused, publicly-traded nickel development and exploration company led by a world-class team unlocks the value of these assets and allows Wallbridge and its shareholders to benefit from their future development potential.”
The transaction is subject to certain closing conditions, including completion of the financing and approval by the Canadian Securities Exchange (CSE).
Wallbridge Mining Company Ltd. (WM) is up 2.78 per cent on the day, trading at C$0.18 per share at 10:45 am EDT.