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Toronto, Ontario – October 19, 2022 – Wallbridge Mining Company Limited (TSX:WM, OTCQX:WLBMF) (“Wallbridge” or the “Company”) today announced that 99.615% of shares represented by proxy at its Special Meeting of Shareholders (the “Meeting”) held on October 18, 2022 were voted in favour of the Stated Capital Reduction Resolution, as defined below; 0.385% were voted against.
A total of 483,342,202 shares, or 54.76% of the outstanding shares of the Company, were represented at the Meeting by proxy. Of that total, 481,482,337 were voted FOR approval of the Stated Capital Reduction Resolution; 1,859,865 were voted AGAINST.
The sole matter submitted to Wallbridge shareholders of record as of September 8, 2022, as set out in the Company’s notice of meeting and management information circular dated September 7, 2022, at the Meeting was authorizing and approving a reduction of the stated capital account of the common shares of Wallbridge (the “Stated Capital Reduction Resolution”). The Stated Capital Reduction Resolution is to effect the proposed distribution of common shares of Archer Exploration Corp. (CSE: RCHR) (“Archer”) to Wallbridge shareholders (the “Distribution”) as a return of capital in order to minimize the up-front tax consequences for Wallbridge shareholders. The transaction with Archer announced on July 13, 2022 (the “Transaction”) is not subject to approval by Shareholders and is expected to close in the fourth quarter of 2022. For further information, please see the Company’s news releases of July 13, August 18 and October 4, 2022.
About Wallbridge Mining
Wallbridge is focused on creating value through the exploration and sustainable development of gold projects along the Detour-Fenelon Gold Trend while respecting the environment and communities where it operates.
Wallbridge’s flagship project, Fenelon Gold (“Fenelon”), is located on the highly prospective Detour-Fenelon Gold Trend Property (“Detour-Fenelon Gold Trend Property”) in Northern Abitibi. A mineral resource estimate completed in 2021 validated the multi-million-ounce potential of the 100%-owned Fenelon and Martiniere properties, incorporating a combined 2.67 million ounces of indicated gold resources and 1.72 million ounces of inferred gold resources. Fenelon and Martiniere, located within a 910 km2 exploration land package controlled by Wallbridge, have the potential to be developed into mines and are close to existing power and transportation infrastructure.
Wallbridge also holds a portfolio of nickel assets (“Nickel Assets”) in Ontario and Quebec. In line with its strategy to unlock the value of its Nickel Assets, Wallbridge announced on July 13, 2022, that it has entered into a definitive agreement with Archer Exploration Corp. (“Archer”), pursuant to which, Archer will acquire all of Wallbridge’s property, assets, rights and obligations related to its Nickel Assets, including Grasset, to create a focused and well-funded publicly traded nickel exploration and development company.
Wallbridge will continue to focus on its core Detour-Fenelon Gold Trend Property while enabling shareholders to participate in the potential economic upside in Archer.
Wallbridge Mining Company Limited
Marz Kord, P. Eng., M. Sc., MBA
President & CEO
Tel: (705) 682‒9297 ext. 251
Victoria Vargas, B.Sc. (Hon.) Economics, MBA
Investor Relations Advisor