Hugh Snyder

January 10, 2011 10:03 ET

Hugh Snyder Acquires and Disposes of Securities of Bridgeport Ventures Inc.

TORONTO, ONTARIO--(Marketwire - Jan. 10, 2011) - 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 share purchase warrants (the "Warrants") of Bridgeport Ventures Inc. (the "Company") on January 7, 2011, each such Warrant entitling the holder to acquire one common share of the Company, representing approximately 3.8% of the issued and outstanding common shares of the Company as calculated on a partially diluted basis, assuming exercise of the Warrants only. In addition, the Offeror disposed of 50,000 common shares ("Shares") of the Company on January 7, 2011, representing less than 1% of the issued and outstanding common shares of the Company as at January 7, 2010. As at January 7, 2011, immediately following the above transactions, the Offeror owned an aggregate of 2,350,000 common shares of the Company and 3,000,000 convertible securities of the Company, representing approximately 4.7% of the issued and outstanding common shares of the Company as of January 7, 2011 (or approximately 10.1% on a partially diluted basis, assuming exercise of the 3,000,000 Convertible Securities only) immediately following the transactions described above.

The Shares were disposed of and the Warrants were acquired through the facilities of the Toronto Stock Exchange. These transactions were effected for investment purposes and the Offeror could increase or decrease his investments in the Company at any time, or continue to maintain his current investment position, depending on market conditions or any other relevant factor. The Warrants were acquired for a purchase price of Cdn$0.55 per Warrant for aggregate consideration of $1,100,000. The Shares were disposed of for gross proceeds of Cdn$0.92 per Share for aggregate consideration of $46,000. 

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 

Contact Information

  • Mr. Hugh Snyder
    (416) 350 2356