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drbubb

Wallbridge (WM.t) and its Fenelon Mine

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GCM got down under 8X WM - sell 8000 WM.t, to Buy > 1000 GCM.t

5O5Xv2X.png

Ratio: 8.59:1 now on price... that is: C$3.52 / 0.41

But what about the number of shares outstanding?  

Based on figures in Stockhouse, I get this:

Wallbridge ( 330 M shs) / Gran Columbian ( 48.3 M shs) = that's r- 6.83 on shares OS

We can also look at the Ratio of Market Caps:

Gran Columbian ( C$3.52 x48.3M= C$170M) / Wallbridge ( C$0.41 x391.0M= C$160.3M) = 1.061

When people try to tell you "WM is now cheap!" - Consider thaT GCM is now PRODUCING over 225k oz per annum.

and it itself has a growing Gold resource. 

Wallbridge will certainly need far more than C$10 million to properly develop its growing Gold Resource,

With the difference in market caps now being just 6%, maybe the Dreamers who like WM are paying up for a dream

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Point well made Dr B. Maybe the dreamers are really cheerleaders for Sprott buying, I think that, as much as anything is what has propelled this share lately.

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SPROTT on Pause?

RE:More from Sprott

The filings including 7 May shows Mr. Sprott owning 19.985% of CS outstanding. There appears a reason he held at this level up to this point. Best to all in your upcoming Wallbridge decisions.
 
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I don't see what the problem is here.
Yes the magic number is 20%. But all that buys you is every other transaction has to be voted on.

Read more at https://stockhouse.com/companies/bullboard#8C9qe8Dg78JHIQPb.99

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Wallbridge Announces Closing of $7M Private Placement with Eric Sprott

T.WM

TORONTO, May 15, 2019 /CNW/ - Wallbridge Mining Company Limited (TSX:WM), (FWB: WC7) (the "Company" or "Wallbridge") is pleased to announce the closing of the previously-announced non-brokered private placement financing (the "Offering") of 29,166,667 common shares (the "Common Shares") at a price of $0.24 per Common Share for gross proceeds of $7,000,000 to Eric Sprott ("Sprott"), through 2176423 Ontario Ltd., a company beneficially owned by Sprott.

The closing of the Offering was conditional on Sprott exercising 1,666,667 Common Share purchase warrants at an exercise price of $0.15 and 15,000,000 Common Share purchase warrants at an exercise price of $0.20 for aggregate gross proceeds to the Company of $3,250,000 (collectively the "Warrants"). The Warrants were exercised in February 2019.

The closing of the Offering was also conditional on receipt of approval from the Company's shareholders at Wallbridge's Annual and Special meeting of shareholders held on May 8, 2019 (the "ASM"), as, according to the rules and policies of the Toronto Stock Exchange ("TSX") the completion of the Offering will result in Sprott being able to materially affect control of the Company. A total of 231,265,771 votes, or 96%, were cast by ballot at the ASM in favour of the resolution to confirm, approve and ratify the Offering.

All securities issued pursuant to the Offering are subject to a statutory hold period expiring four months and one day following issuance of the securities in accordance with applicable securities legislation.

The gross proceeds of the Offering will be used for general corporate purposes.

The Offering constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 ("MI 61-101") as Sprott, a reporting insider of the Company subscribed for 29,166,667 Common Shares pursuant to the Offering.  The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Offering by Sprott does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.

Sprott, through 2176423 Ontario Ltd., acquired 29,166,667 Common Shares pursuant to the Offering. Prior to the Offering, Sprott beneficially owned or controlled 87,220,396 Common Shares of the Company representing approximately 19.9% of the issued and outstanding Common Shares of the Company on a non-diluted basis. As a result of the Offering, Sprott beneficially owns or controls 116,387,063 Common Shares of the Company representing approximately 24.9% of the issued and outstanding Common Shares of the Company on a non-diluted basis.

The Common Shares were acquired by Sprott for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of the Company including on the open marke


Read more at https://stockhouse.com/news/press-releases/2019/05/15/wallbridge-announces-closing-of-7m-private-placement-with-eric-sprott#703yAUWShAz8bRKd.99

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Managed buy a few of these back from previous posts but the last few days spike have been too good to resist.

Sold half yesterday at 40.5 and 40, any spike today on strong gold and I’m out completely.

This has been such a good flip trade, almost by chance against T.GCM

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maybe Look at some others I own: ROXG.t, HRT.t, RRI.v

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I’ve had a nice return on Roxg already when it popped, was holding off hoping it would go under $1 again but seemingly unlikely. (Edit, should say I got impatient and bought back, still might add more).

Intrigued by your SWN comments and watching that closely. Right now Aurelia (ASX:AMI) which is pretty battered and Steppe Cement (STCM.LSE) well off peak, yielding a high dividend  (something got to give), have my attention the most.

 

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Cursing I missed the chance to switch some out of GCM last week, which I mentaller called but holidays distracted me. Good few days here, the latest wave seems to have gone though, so waiting to see if there’s any pullback now.

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Sold some more WM yesterday.  Still over 100K to go

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