Mr. Brian Beaton of William Day reports
THE DAY GROUP ANNOUNCES FILING OF EARLY WARNING REPORT RELATED TO THE SALE OF COMMON SHARES OF WALLBRIDGE MINING COMPANY LIMITED TO ERIC SPROTT
William Day Construction Ltd. has sold to Eric Sprott (through his holding company, 2176423 Ontario Ltd.), by way of a private agreement, 10 million outstanding common shares representing approximately 1.7 per cent of the outstanding shares of Wallbridge Mining Company Ltd. The shares were sold pursuant to a share purchase agreement dated Dec. 6, 2019, at a price of 57 cents per share, the same price per share as Wallbridge's $42.5-million private placement financing that closed on Nov. 29, 2019, and which resulted in Kirkland Lake Gold Ltd. becoming a 9.9-per-cent shareholder of Wallbridge. This press release is being issued pursuant to Canadian early warning requirements because while the Day Group's beneficial holdings of common shares have not decreased by more than 2 per cent of the outstanding shares of Wallbridge, as a result of the sale the Day Group has ceased to beneficially own, or have control or direction over, 10 per cent or more of the issued and outstanding common shares of Wallbridge.
Prior to the sale, the Day Group owned 66,553,957 common shares of the issuer representing approximately 11.34 per cent of the issued and outstanding common shares of the issuer (Day Construction: 25,361,000 common shares, Day Holdings: 41,192,957 common shares). Following the sale, the Day Group owns 56,553,957 common shares of the issuer representing approximately 9.63 per cent of the issued and outstanding common shares of the issuer (Day Construction: 15,361,000 common shares, Day Holdings: 41,192,957 common shares).
Day Construction holds common shares of the issuer for investment purposes and may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over common shares or other securities of the issuer, through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.
For further details relating to the acquisition, please see the report, a copy of which is available on the issuer's profile on SEDAR.
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