Wallbridge Mining (TSE:WM) reported Friday its spin-out Miocene Metals (CVE: MII) has exercised the option to buy-back Wallbridge's 11.63% stake in copper-molybdenum-gold properties in British Columbia, giving Miocene 100% control.
“The repurchase of our remaining interest in the property is an important step forward for Miocene, as it gives them 100% control of these properties which will facilitate possible future transactions relating to the properties,” said chairman of Wallbridge, Warren Holmes, in a statement.
"As Miocene's largest shareholder, with a 43% ownership stake, we are extremely pleased to see them moving forward rapidly to advance these properties."
Wallbridge earned the 11.63% interest in the southwestern BC properties by spending $500,000 on exploration costs in 2010.
According to a buy-back provision under the terms of a joint venture agreement signed in May 2010, Miocene had the option to buy-back the 11.63% carried interest in the properties for $600,000, during the first six months after the completion of the company’s initial public offering (NYSEARCA:IPO).
Earlier this month, Miocene closed its IPO, raising $5.28 million. Miocene special warrants – distributed as a dividend-in-kind to Wallbridge shareholders on record as of April 30 – were converted into common shares of Miocene Metals following the offering’s completion.
Miocene was created to fund the exploration of a portfolio of copper-gold-molybdenum properties in southwestern Vancouver.
Wallbridge is a mineral exploration company specializing in base metals and precious metal exploration in Canada, with its primary properties situated in Sudbury, Ontario.