Wallbridge Mining raises stake in Duluth Metals


31/01/2010 00:00 AST  Reuters

Canadian minerals explorer Wallbridge Mining Co Ltd (WM.TO) said it raised its stake in Duluth Metals Ltd (DM.TO) to about 12.9 percent as it completed the purchase of 7.5 million Duluth shares by exercising its existing participation rights.

The company, which now owns about 12.3 million shares in Duluth, said the deal was funded under a bridge financing and subsequent sale of 5.2 million of Wallbridge's existing Duluth shares to institutional investors.

Duluth Metals was created in late 2005, when Wallbridge management decided to spin out its Minnesota property into a new company.

Wallbridge shares were up 1 Canadian cent at 32.5 Canadian cents, while Duluth shares were up 1 Canadian cent, at C$2.73 Thursday afternoon on the Toronto Stock Exchange.

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