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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.
Eric Sprott loads up on Balmoral before Wallbridge tie-up Eric Sprott loads up on Balmoral before Wallbridge tie-up Eric Sprott loads up on Balmoral before Wallbridge tie-up Eric Sprott loads up on Balmoral before Wallbridge tie-up Eric Sprott loads up on Balmoral before Wallbridge tie-up

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

Staff Reporter

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).