Eric Sprott Announces Investment in Balmoral Resources Ltd.
Newsfile Corp - Fri Mar 6, 5:20PM CST
Toronto, Ontario--(Newsfile Corp. - March 6, 2020) - Eric Sprott announces that, today, 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired ownership of 4,255,500 common shares of Balmoral Resources Ltd. over the Toronto Stock Exchange (representing approximately 2.4% of the outstanding shares on a non-diluted basis) at $0.4948 per share for aggregate consideration of approximately $2,105,621.
Mr. Sprott now beneficially owns and controls 20,385,853 shares and 2,941,176 warrants (representing approximately 11.4% on a non-diluted basis and 12.9% on a partially diluted basis assuming exercise of such warrants). Prior to this acquisition, Mr. Sprott beneficially owned and controlled 16,130,353 shares and 2,941,176 warrants (representing approximately 9.1% on a non-diluted basis and 10.5% on a partially diluted basis).
The shares were acquired by Mr. Sprott, through 2176423 Ontario for investment purposes. As previously disclosed on March 2, 2020, 2176423 Ontario has entered into a voting and support agreement with Wallbridge Mining Company Ltd. in connection with its proposed acquisition of all the outstanding shares of Balmoral Resources by way of a plan of arrangement. Mr. Sprott intends to hold the shares for investment purposes and to support the transaction, and may acquire additional shares from time to time, depending on market conditions. If the plan of arrangement does not close, Mr. Sprott may acquire additional securities of Balmoral Resources including on the open market or through private acquisitions or sell securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.