Toronto, Ontario – November 18, 2022 – Wallbridge Mining Company Limited (TSX:WM, OTCQX:WLBMF) (“Wallbridge” or the “Company”) today announced that it has completed the previously-announced sale of all of the property, assets, rights, and obligations related to Wallbridge’s portfolio of nickel assets (the “Transaction”) to Archer Exploration Corp. (CSE: RCHR) (“Archer”).
Under terms of the Transaction, Wallbridge has received 66,211,929 common shares of Archer (the “Archer Shares”) with an aggregate deemed value of approximately $53.6 million (valued using the July 12, 2022, closing price of the Archer Shares). Additional consideration includes retention of a 2% net smelter royalty on production from the Grasset project. Wallbridge has nominated two representatives to the Archer board of directors - Marz Kord, President & CEO and Brian Penny, CFO of Wallbridge – both of whom were elected at Archer’s shareholder meeting held on October 12, 2022 subject to today’s closing of the Transaction.
“The Transaction is in line with Wallbridge’s strategy of moving forward as a pure-play gold company focused on its core Detour-Fenelon Gold Trend properties while enabling Wallbridge shareholders to participate in the potential economic upside in Archer,” said Marz Kord, President and CEO. “Archer is a focused exploration and development company which we believe has the management group and funding in place to deliver long-term value for our shareholders.”
Wallbridge will distribute 48,168,171 of the Archer Shares to the Company’s shareholders of record as of November 16, 2022 on a pro rata basis and will retain 18,043,758 Archer Shares representing approximately 19.9% of the outstanding common shares of Archer. The Archer Shares will have a hold period of four months and one day from November 18, 2022, the closing date of the Transaction.
About Archer Exploration Corp.
Archer is Ni-Cu-Co-PGE focused exploration and development company headquartered in Vancouver, Canada. Archer’s flagship and core asset is the Grasset Project, located within the Abitibi greenstone belt approximately 55 kilometres west-northwest of Matagami Quebec. In addition, Archer holds an extensive portfolio of 37 properties comprised of 309 square kilometres within 807 mining titles in the world-class mining district of Sudbury. Archer’s growth strategy is focused on the exploration and development of its nickel sulphide properties within its portfolio, as well as other battery metal assets it may acquire that fit its strategic criteria. Archer’s vision is to be a responsible nickel sulphide developer in stable pro-mining jurisdictions. Archer is committed to socially responsible exploration and development, working safely, ethically, and with integrity.
Archer is backed by Inventa Capital Corp., a Vancouver-based merchant bank founded in 2017 with the goal of discovering and funding opportunities in the resource sector. The shares of Archer are listed on the CSE (symbol RCHR). Additional information about Archer is available on SEDAR (www.sedar.com) and on Archer’s website (www.archerexploration.com).
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 Quebec’s Northern Abitibi region. 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 an 828 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 19.9% interest in the common shares of Archer Exploration Corp. (“Archer”) as a result of the sale of the Company’s portfolio of nickel assets in Ontario and Quebec in November of 2022.
Wallbridge Mining Company Limited
Marz Kord, P. Eng., M. Sc., MBA
President & CEO |
