Canadian junior mining company Wallbridge Mining Company announced on Wednesday that it has entered into definitive agreements with gold producer Agnico Eagle Mines and Waratah Capital Advisors. Under the agreements, the two institutions will subscribe for shares in Wallbridge at a price of C$0.092 per share, representing a total investment of approximately C$56 million. This subscription price represents a 15% premium to Wallbridge's 20-day volume-weighted average price on the Toronto Stock Exchange.
Each of the two cornerstone investors will hold approximately 19.9% of Wallbridge's shares post-transaction. According to the agreements, long-term shareholder Agnico Eagle will subscribe for approximately 243.9 million shares for about C$22.4 million, while Waratah will subscribe for approximately 364.3 million shares for about C$33.5 million. Upon completion of the transaction, each institution will hold approximately 19.9% of Wallbridge.
Wallbridge CEO Brian Penny stated that these cornerstone investments "highlight the quality and scale of our flagship Fenelon asset" and welcomed Waratah as a significant new shareholder.
The injected funds will be used to advance infill drilling and the pre-feasibility study for the Fenelon project, which is targeted for completion by late 2027 or early 2028. The Fenelon project is located on the Detour-Fenelon Gold Trend in Quebec's Abitibi region and is currently in the preliminary economic assessment stage.
As part of the investor rights agreement, both Agnico Eagle and Waratah will have the right to nominate at least one member to Wallbridge's board of directors. Agnico Eagle will also participate in the technical committee.
Marking the "next chapter" in the company's development, Wallbridge plans to hold a special meeting of shareholders in the third quarter of 2026 to seek approval for a 20-to-1 share consolidation and a corporate name change to "Sunday Lake Gold".
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