Mr. Wayne Beach

October 14, 2009 17:04 ET

Wayne Beach Acquires Securities of Bridgeport Ventures Inc.

TORONTO, ONTARIO--(Marketwire - Oct. 14, 2009) - Mr. Wayne Beach (the "Offeror"), Suite 1000, 36 Toronto Street, Toronto, Ontario, M5C 2C5, announces that he acquired ownership and control of 1,255,000 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 8.8% of the issued and outstanding common shares of the Company (or approximately 16.2% on a partially diluted basis, assuming exercise of the Acquired Warrants only).

Subsequently, on October 9, 2009, the Offeror acquired ownership and control of an additional 2,000,000 share purchase warrants of the Corporation (the "Additional Warrants", and together with the Acquired Warrants, the "Warrants"). Accordingly, as at October 9, 2009, immediately following such acquisition, the Offeror owned an aggregate of 1,255,000 Acquired Shares and 3,255,000 Warrants, representing approximately 8.8% of the issued and outstanding common shares of the Company (or approximately 25.8% calculated on a partially diluted basis, assuming the exercise of the 3,255,000 Warrants only).

The Acquired Units were acquired from treasury in connection with the initial public offering of the Company completed on October 7, 2009. The acquisition of the 2,000,000 Additional Warrants 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, and the 2,000,000 Additional Warrants were acquired for an aggregate purchase price of $200,000.

Additional Information

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

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. Wayne Beach
    (416) 350 2356