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Wallbridge to Advance Fenelon to Pre-Feasibility Study with Strategic Investments from Agnico Eagle and Waratah for Approximately C$56 Million

WLBMF
  • Wallbridge Mining Company Limited entered definitive agreements with Agnico Eagle Mines Limited and Waratah Capital Advisors to acquire approximately 19.9% of the company each, resulting in a total capital injection of C$56.0 million.
  • The strategic investments were made at a price of C$0.092 per common share, representing a 15% premium to the 20-day volume-weighted average price on the Toronto Stock Exchange.
  • Agnico Eagle will purchase 243,927,966 shares for C$22.4 million, while Waratah will purchase 364,339,130 shares for C$33.5 million to reach their respective 19.9% ownership positions.
  • Net proceeds from the offering will fully fund the completion of a pre-feasibility study for the flagship Fenelon project, which is expected to be delivered in late 2027 or early 2028.
  • The company intends to seek shareholder approval in Q3 2026 for a 20:1 share consolidation and a name change to "Sunday Lake Gold."
  • Investors will enter into rights agreements granting participation rights, top-up rights, and the right to appoint at least one director to the Board of Directors, with Agnico Eagle also gaining access to a technical committee.
  • Future exploration efforts will shift to focus primarily on the Fenelon project, while the 2026 exploration program at Martiniere, Casault, and Grasset will be completed first.
  • Closing of the transaction is subject to customary conditions, including approval from the Toronto Stock Exchange.