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Balmoral Resources Ltd
Symbol BAR
Shares Issued 178,398,041
Close 2020-03-24 C$ 0.34
Recent Sedar Documents

Balmoral to hold vote on Wallbridge deal May 7

2020-03-24 17:07 ET - News Release

Also News Release (C-WM) Wallbridge Mining Company Ltd

Mr. Marz Kord of Wallbridge reports

BALMORAL RESOURCES LTD. ANNOUNCES RECEIPT OF INTERIM COURT ORDER WITH RESPECT TO PROPOSED ACQUISITION BY WALLBRIDGE MINING COMPANY LIMITED

Balmoral Resources Ltd. has been granted an interim order by the Supreme Court of British Columbia in connection with the previously announced (see the news release of March 2, 2020) business combination between Balmoral and Wallbridge Mining Company Ltd. The interim order authorizes Balmoral to proceed with various matters, including the holding of a special meeting of Balmoral securityholders to consider and vote on the proposed plan of arrangement whereby Wallbridge proposes to acquire all of the issued and outstanding common shares of Balmoral.

The proposed transaction

On March 2, 2020, the parties entered into a definitive arrangement agreement whereby, subject to the terms and conditions of the arrangement agreement, Wallbridge will acquire all of the Balmoral common shares on the basis of 0.71 of a Wallbridge common share for each Balmoral common share.

Benefits of the transaction

The proposed transaction will result in one of the best-financed junior exploration and development companies in Canada. It will combine the gold and nickel assets of the two companies, including the parties' highly prospective district-scale gold exploration and development projects in Quebec along the Detour gold trend, under one management team, to more efficiently move them forward. Further information on the benefits to the Wallbridge and Balmoral shareholders can be found in the joint press release dated March 2, 2020, filed on each of the parties' respective SEDAR profiles and websites.

Balmoral special meeting

The special meeting of the Balmoral securityholders to consider and vote on the proposed transaction will be held on May 7, 2020, in Vancouver, B.C., subject to any changes which may result from the current global pandemic situation (none of which are currently contemplated). The record date for the meeting has been set as March 27, 2020. Additional information concerning the proposed transaction and the special meeting of Balmoral securityholders will be included in a management information circular, which will be mailed to securityholders in early April. Additional information with respect to the circular and the special meeting will be posted on the Balmoral website as it becomes available.

About Wallbridge Mining Company Ltd.

Wallbridge is currently developing its 100-per-cent-owned Fenelon gold property, which is located proximal to the Sunday Lake deformation zone, in an emerging gold belt in northwestern Quebec with a currently planned 100,000- to 120,000-metre exploration drill program in 2020 and a 33,500-tonne bulk sample and 75,000 metres of drilling completed in 2019. Wallbridge is also pursuing additional advanced-stage projects, which would add to the company's near-term project pipeline. Wallbridge is also the operator of, and a 16.5-per-cent shareholder in, Loncan Canada Inc., a privately held company with a large portfolio of nickel, copper and platinum group metal projects in Ontario's Sudbury basin.

About Balmoral Resources Ltd.

Balmoral is a multiaward-winning Canadian-focused exploration company, actively exploring a portfolio of gold and base metal properties located within the prolific Abitibi greenstone belt. The company's flagship Detour gold trend project hosts the resource-stage Bug and Martiniere West gold deposits and the Grasset nickel-copper-cobalt-platinum-group-element deposit. Employing a drill-focused exploration style in one of the world's pre-eminent mining jurisdictions, Balmoral is following an established formula with a goal of maximizing shareholder value through the discovery and definition of high-grade, Canadian gold and base metal assets.

We seek Safe Harbor.

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