Bridgeport Ventures Inc.
TSX : BPV

Bridgeport Ventures Inc.

January 07, 2011 16:57 ET

Wayne Beach Acquires and Disposes of Securities of Bridgeport Ventures Inc.

TORONTO, ONTARIO--(Marketwire - Jan. 7, 2011) - Mr. Wayne Beach (the "Offeror"), 36 Toronto Street, Suite 1000, Toronto, Ontario, M5C 2C5, announces that he acquired ownership and control of 50,000 common shares ("Shares") of Bridgeport Ventures Inc. (the "Company") (TSX:BPV) on January 7, 2011, representing less than 1% of the issued and outstanding common shares of the Company as at January 7, 2010. In addition, the Offeror disposed of an aggregate of 2,000,000 share purchase warrants of the Company (the "Warrants") on January 7, 2010, each Warrant entitling the holder thereof to acquire one additional common share of the Company, representing approximately 3.8% of the issued and outstanding common shares of the Company as of January 7, 2010 calculated on a partially diluted basis, assuming the exercise of the 2,000,000 Warrants only. 

Immediately following the transactions described above, the Offeror owns and controls an aggregate of 3,287,900 common shares of the Company and 2,634,000 convertible securities of the Company (the "Convertible Securities"), representing approximately 6.6% of the issued and outstanding common shares of the Company immediately following the transaction described above (or approximately 11.2% calculated on a partially diluted basis, assuming the exercise of the 2,634,000 Convertible Securities only).

The Shares were acquired and the Warrants were disposed of 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 Shares were acquired for a purchase price of Cdn$0.92 per Share for aggregate consideration of $46,000. The Warrants were disposed of for gross proceeds of Cdn$0.55 per Warrant for aggregate consideration of $1,100,000. 

Contact Information

  • 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
    (416) 350-2356