SUDBURY, ON, April 27, 2017 /CNW/ - William Day Construction Limited and William Day Holdings Limited ("William Day") today announced that it has filed an early warning report ("Report") announcing that, on April 27, 2017, it acquired 5,000,000 common shares ("Common Shares") of Wallbridge Mining Company Limited ("Wallbridge" or the "Issuer") through the exercise of warrants (the "Warrants") at an exercise price of $0.08 per Warrant for total consideration of $400,000 (the "Acquisition").
The Acquisition represents approximately 2.1% of the issued and outstanding Common Shares of the Issuer post exercise. Prior to the Acquisition, William Day owned 21,722,050 Common Shares of the Issuer representing approximately 9.5% of the issued and outstanding Common Shares of the Issuer. In addition, William Day owns 11,722,050 additional Common Share purchase warrants (the "2019 Warrants") to purchase an aggregate of 11,722,050 Common Shares of the Issuer. A total of 7,025,050 of the 2019 Warrants are exerciseable at $0.10 until August 19, 2019 and 4,697,000 of the 2019 Warrants are exerciseable at $0.12 until October 4, 2019. Following the Acquisition, William Day owns 26,722,050 Common Shares of the Issuer representing approximately 11.5% of the issued and outstanding Common Shares of the Issuer on a non-diluted basis, and approximately 15.7% on a partially diluted basis.
William Day has acquired the Common Shares of the Issuer for investment purposes and William Day may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over the 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 at www.sedar.com.
SOURCE Wallbridge Mining Company Limited
For further information: Brian Beaton, Secretary and Treasurer, William Day Construction Limited and William Day Holdings Limited, Tel: 705-682-1555