Wallbridge Mining Company Limited and Balmoral Resources Ltd. Announce Completion of Plan of Arrangement

Pursuant to the Arrangement, Balmoral shareholders have received 0.71 of a common share of Wallbridge (each whole common share a “Wallbridge Share”) in exchange (the “Exchange Ratio”) for each Balmoral Share held immediately prior to completion of the Arrangement. In the aggregate, 130,556,944 Wallbridge Shares were issued under the Arrangement to Balmoral shareholders as consideration for their Balmoral Shares. The existing Wallbridge and former Balmoral shareholders now own approximately 82% and 18% of the issued and outstanding Wallbridge shares, respectively.

As a result of the Arrangement, Balmoral has become a wholly-owned subsidiary of Wallbridge, and the Balmoral Shares are anticipated to be de-listed from the Toronto Stock Exchange following the close of trading on May 25, 2020.

https://www.globenewswire.com/news-release/2020/05/22/2037782/0/en/Wallbridge-Mining-Company-Limited-and-Balmoral-Resources-Ltd-Announce-Completion-of-Plan-of-Arrangement.html