Hugh Snyder

October 14, 2009 16:59 ET

Hugh Snyder Acquires Securities of Bridgeport Ventures Inc.

TORONTO, ONTARIO--(Marketwire - Oct. 14, 2009) – Mr. Hugh Snyder (the "Offeror"), Suite 1000, 36 Toronto Street, Toronto, Ontario, M5C 2C5, announces that he acquired ownership and control of 2,000,000 units (the "Acquired Units") of Bridgeport Ventures Inc. (the "Company") on October 7, 2009, each such Acquired Unit consisting of one common share of the Company (each, an "Acquired Share") and one share purchase warrant of the Company (each, an "Acquired Warrant"), representing approximately 14% of the issued and outstanding common shares of the Company (or approximately 24.6% on a partially diluted basis, assuming exercise of the Acquired Warrants only).

Subsequently, on October 9, 2009, the Offeror disposed of ownership and control of an aggregate of 600,000 of the Acquired Shares and the 2,000,000 Acquired Warrants. Accordingly, as at October 9, 2009, following such disposition, the Offeror owned an aggregate of 1,400,000 common shares of the Company, representing approximately 9.8% of the issued and outstanding common shares of the Company immediately following the transactions described above.

The Acquired Units were acquired from treasury in connection with the initial public offering of the Company completed on October 7, 2009. The disposition of 600,000 of the Acquired Shares and the 2,000,000 Acquired Warrants noted above was effected through the facilities of the TSX Venture Exchange.

These transactions were effected for investment purposes and the Offeror and its joint actors could increase or decrease their investments in the Company at any time, or continue to maintain their current investment position, depending on market conditions or any other relevant factor. The Acquired Units were acquired for a purchase price of Cdn$0.20 per Acquired Unit for aggregate consideration of $400,000.

Additional Information

A copy of the applicable securities report filed in connection with the matters set forth above may be obtained by contacting:

Mr. Hugh Snyder
Tel: (416) 350 2356

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Mr. Hugh Snyder
    (416) 350-2356