RE:RE:RE:Eric Sprott now owns 19% of NFG" Canadian securities laws prohibit acquisitions of outstanding securities of an issuer that result in an investor holding 20% or more of a class of voting or equity securities of a Canadian public company without making a formal takeover bid (that is, a public tender offer).
There are a few exceptions to this requirement, including purchases through private agreements and limited public market purchases, but it is important to get specific legal advice about them before increasing your ownership level to 20% or more."
That's why Eric Sprott had to seek approval from Sokoman shareholders, as a "greater than 20% shareholder" (control person) in May, prior to exceeding that limit.