Wallbridge Mining sells all its nickel assets to Archer Exploration Corp.
Canadian gold company Wallbridge is selling all the property, assets, rights and obligations associated with its nickel portfolio to Archer Exploration Corp, also based in Canada. The value of the deal is estimated to be around CAD 53.6 million in Archer shares (approximately 19.9% of outstanding common shares), with two spots on the board of directors going to the Wallbridge CEO and CFO.
Why it matters
As Wallbridge implements its strategy of becoming a pure-play gold company, the company is selling off its other assets, while offering long-term value to its shareholders. This will allow Wallbridge to remain focused on the exploration and sustainable development of gold projects.