Balmoral shareholder thumbs-up for Wallbridge merger

Securityholders cast votes at the special meeting of the company on May 7 in Vancouver, British Columbia.

In total 99.4% of the Balmoral securityholders who cast ballots voted to approve the merger.

Under the terms of the arrangement, Wallbridge, among other things, will acquire all the issued and outstanding shares of Balmoral, with Balmoral shareholders receiving 0.71 of a common share of Wallbridge for each issued and outstanding common share currently held.

The combination of Balmoral’s property assets, including its recent high-grade gold discoveries, with Wallbridge’s development stage Fenelon property, strong treasury and development experience, will create a “well-funded, strongly backed Canadian-focused exploration and development company”, says Balmoral president and CEO Darin Wagner.

“With the exciting growth potential of the Area 51 gold system, the near-term production potential of Fenelon and a promising portfolio of advanced to early stage, drill-ready exploration projects we believe our shareholders will be well positioned to continue to benefit from the strong global gold market.”

Court approval of the arrangement will be sought at a hearing for a final order scheduled for May 13. The application will most likely be by teleconference.