CAPITAL MARKETS

Eric Sprott loads up on Balmoral before Wallbridge tie-up

Mine financier Eric Sprott bought 4.5 million Balmoral Resources shares on the open market in the past week, securing a further 2.5% of the company for C$2.8 million at 64c per share.

Staff Reporter
 Eric Sprott has increased his Balmoral Resources holdings before the Wallbridge Mining Company merger closes

Eric Sprott has increased his Balmoral Resources holdings before the Wallbridge Mining Company merger closes

Sprott now controls 13.9% undiluted and 15.3% diluted of Balmoral, which is merging with Wallbridge Mining Company where he is also the main shareholder.

Last week's special meeting of Balmoral shareholders voted in favour of the C$110 million merger. Sprott will own 20% of the combined company.

Balmoral has extensive gold and nickel exploration ground on Quebec's Detour Gold Trend, around Wallbridge's developing Fenelon gold mine.

 

Balmoral shares (BAR:TSX) have gained 73% in the past 30 trading days to C69c, which capitalises it at $132 million (US$95 million).

 

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