AZILDA, ON, Jan. 3, 2020 /CNW/ - The Day Group ("Day
Group"), comprised of William Day Construction Limited ("Day
Construction") and William Day Holdings Limited ("Day
Holdings") today announced that it has filed an early warning
report (the "Report") announcing that Day Construction has
sold to Eric Sprott (through his
holding company, 2176423 Ontario Ltd.), by way of a private
agreement, 10,000,000 outstanding common shares (the "Sale")
representing approximately 1.7% of the outstanding shares of
Wallbridge Mining Company Limited ("Wallbridge" or the
"Issuer"). The shares were sold pursuant to a share purchase
agreement dated December 6, 2019 at a
price of $0.57 per share, the same
price per share as Wallbridge's $42.5
million private placement financing that closed on
November 29, 2019 and which resulted
in Kirkland Lake Gold Ltd. becoming a 9.9% shareholder of
Wallbridge. This press release is being issued pursuant to Canadian
early warning requirements because while the Day Group's beneficial
holdings of common shares have not decreased by more than 2% of the
outstanding shares of Wallbridge, as a result of the Sale the Day
Group has ceased to beneficially own, or have control or direction
over, 10% or more of the issued and outstanding common shares of
Wallbridge.
Prior to the Sale, the Day Group owned 66,553,957 common shares
of the Issuer representing approximately 11.34% of the issued and
outstanding common shares of the Issuer (Day Construction:
25,361,000 common shares, Day Holdings: 41,192,957 common shares).
Following the Sale, the Day Group owns 56,553,957 common shares of
the Issuer representing approximately 9.63% of the issued and
outstanding common shares of the Issuer (Day Construction:
15,361,000 common shares, Day Holdings: 41,192,957 common
shares).
Day Construction holds common shares of the Issuer for
investment purposes and may, depending on market and other
conditions, increase or decrease its beneficial ownership, control
or direction over 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 William Day Holdings Limited