Mr. Wayne Beach

December 22, 2010 11:29 ET

Wayne Beach Acquires Securities of Bridgeport Ventures Inc.

TORONTO, ONTARIO--(Marketwire - Dec. 22, 2010) - Mr. Wayne Beach (the "Offeror"), 36 Toronto Street, Suite 1000, Toronto, Ontario, M5C 2C5, announces that he acquired ownership and control of 500,000 units ("Units") of Bridgeport Ventures Inc. (the "Company") on December 20, 2010, each such Unit consisting of one common share of the Company and one-half of one common share purchase warrant (each whole such share purchase warrant, a "Warrant"), with each Warrant entitling the holder thereof to acquire one additional common share of the Company, representing approximately 1% of the issued and outstanding common shares of the Company as at December 20, 2010 (or approximately 1.6% on a partially diluted basis assuming exercise of the Warrants only). 

Immediately following the transaction described above, the Offeror owns and controls an aggregate of 3,228,400 common shares of the Company and 4,631,000 convertible securities of the Company, inclusive of the Warrants (the "Convertible Securities"), representing approximately 6.7% of the issued and outstanding common shares of the Company immediately following the transaction described above (or approximately 15% calculated on a partially diluted basis, assuming the exercise of the 4,631,000 Convertible Securities only).

The Units were acquired in connection with a short form prospectus offering of the Company completed on December 20, 2010. 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 Units were acquired for a purchase price of Cdn$1.00 per Unit for aggregate consideration of $500,000. 

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
Tel: (416) 350-2356 

Contact Information

  • Mr. Wayne Beach
    (416) 350 2356