FINWIRES · TerminalLIVE
FINWIRES

Wallbridge Mining to Raise C$56 Million in Investments from Agnico Eagle, Waratah

By

Wallbridge Mining Company (WM.TO) has entered into agreements to sell common shares to Agnico Eagle and Waratah Capital Advisors for about C$56.0 million, the company said on Wednesday.

Agnico Eagle has agreed to purchase 243.9 million Wallbridge common shares for gross proceeds of C$22.4 million, which, together with Agnico Eagle's existing ownership position of common shares and common share purchase warrants, will result in a partially-diluted ownership interest of 19.9%.

Waratah has agreed to purchase 364.3 million Wallbridge common shares for gross proceeds of C$33.5 million, which will result in the Waratah funds having an aggregate pro forma ownership interest of 19.9%.

Strategic investments will be made at a price of $0.092 per common share, representing a premium of 15% to Wallbridge's 20-day volume-weighted average price on the Toronto Stock Exchange.

The net proceeds of the offering is expected to help fund completion of a pre-feasibility study on the Fenelon project.

"In our view, these investments underscore the quality and scale of our flagship asset, Fenelon, while providing the capital required to advance it through infill drilling and a pre-feasibility study, which we expect to deliver in late 2027 or early 2028," said Brian Penny, Chief Executive Officer of Wallbridge.

The company also plans to seek shareholder approval to complete a 20:1 share consolidation and a renaming of the company to Sunday Lake Gold.

Related Articles

Mining & Metals

Hydro One Files Applications With Ontario Energy Board for Two Major Transmission Lines

Hydro One (H.TO) after trade Tuesday said it filed leave-to-construct applications with the Ontario Energy Board for approval to build the Northeast Power Line and the Longwood to Lakeshore Transmission Line.The Northeast Power Line will be a 500-kilovolt transmission line running between Greater Sudbury and near Wharncliffe. The roughly $1.8 billion project is expected to increase electricity transfer capacity between northeast and northwest Ontario by about 900 megawatts and is targeted for completion in 2029, the company said.The Longwood to Lakeshore Transmission Line is also a 500-kV transmission line that will connect Longwood TS in Strathroy-Caradoc to Lakeshore TS in Lakeshore. The roughly $1.2 billion project is expected to deliver about 550 MW of electricity to the region, supporting local jobs and industries. It is expected to be completed in 2030, the company said.Hydro One also said nearby First Nations will have the opportunity to invest in a 50% ownership stake in the transmission line portions of both projects through the company's First Nation Equity Partnership Model."Electricity demand in Ontario is increasing. These lines are part of one of the largest transmission line infrastructure investment portfolios in Canada that we are advancing together with First Nations," Executive Vice President, Capital Portfolio Delivery, Ryan Docherty said.

$H.TO
Mining & Metals

Update: Marimaca Copper Says Marimaca Project on Track for 2026 Investment Decision

Marimaca Copper (MARI.TO) after trade Tuesday updated permitting and development work at its Marimaca Oxide Deposit (MOD) project in Chile, saying key milestones remain on track ahead of a planned final investment decision in 2026.The company submitted key sectorial permit applications in April, and expects approvals in the fourth quarter. Marimaca also received authorization on May 13 to connect the project to the 110-kilovolt El Lince power line located near the site. The company saqaid early site work, including road and highway upgrades, is set to begin in June.In addition, the company signed a non-binding memorandum of understanding with a sulphuric acid supplier in the Mejillones industrial area to explore a potential joint venture for acid supply."We have continued to systematically de-risk the MOD across the key workstreams required to support a construction decision. Our permitting, surface rights and engineering progress, and ongoing engagement with project financing stakeholders all represent important milestones as we move steadily toward construction-ready status and a future FID," Chief Executive Hayden Locke said.Earlier Tuesday, the company reported new assay results from the Pampa Medina deposit about 28 kilometers east of the Marimaca oxide deposit.The results from the exploration drilling program at the deposit further validate the consistency of both oxide and sulphide mineralization across the high-grade central zone.Step-out drilling continues to expand the mineralized sedimentary basin, with high-grade intercepts reported over 300 meters from previous drilling in the southwestern area of interest.Drill hole SPRD-06 yielded a broader intercept of 424 meters of 0.58% copper and 2.2 grams per tonne silver from 424 m, containing five high-grade, stacked mantos.Other highlights include 166 meters of 0.50% copper and 3.9 g/t silver from SPRD-02, 30 meters of 1.00% copper and 7.3 g/t silver from 536 meters from SWRD-05, 145 meters of 0.41% copper and 1.9 g/t silver from 286 meters from SPRD-01, and 14 meters of 0.31% copper from 52 meters from SPRD-03.The company's shares closed down $0.22 to $7.95 on the Toronto Stock Exchange.

$MARI.TO
Mining & Metals

Greenlane Renewables Reports 99.5% Methane Recovery in NRU Technology Testing

Greenlane Renewables (GRN.TO) said Tuesday testing of its proprietary Linear Nitrogen Rejection Unit (NRU) technology achieved methane recovery rates of up to 99.5%.The company said the technology is part of its next-generation Cascade LF landfill-gas upgrading system, which is designed to turn landfill gas into pipeline-quality renewable natural gas while maximizing methane capture at a lower cost.The system removes nitrogen from landfill gas using a pressure swing adsorption process that requires fewer and smaller components than traditional systems. For landfill gas with higher nitrogen levels, the modular system can add more adsorption beds and compression stages while maintaining the same design, according to the statement."Results from the testing were slightly better than Greenlane's initial performance expectations and correlated well with modeled results calculated based on adsorption fundamentals," the company added.Greenlane shares closed up $0.005 to $0.22 on the Toronto Stock Exchange.

$GRN.TO