RE:Not Looking at Gold in Newfoundland? You Should BeHowestreetbull, If nothing else, after 45 years of trading, most of my money has been made following the money......... The Prospects Caught a Billionaire’s Attention.... the information below, combined with the specatular results from NFG, is plenty for me to be engaged....
The earlier nature of these projects is reflected in Sky Gold’s market capitalization of approximately $8.0 million. Still, the prospective nature has not escaped the attention of billionaire gold investor Eric Sprott. Sprott famously made a savvy investment in Kirkland Lake Gold (NYSE: KL)(TSX: KL) in 2017, buying 20 million shares at less than $20 per share, which grew to be worth over $1.0 billion within three years. He remains active in investing in young gold plays where he likes the potential, which now includes a stake in Sky Gold.
In July, Sky Gold closed a non-brokered private placement in which a company beneficially owned by Sprott acquired 10.5 million shares and 5.25 million warrants to acquire more shares or SKYG. With the purchase, Sprott owns approximately 19.35% of the outstanding shares of Sky Gold on a non-diluted basis and 26.47% on a partially diluted basis assuming exercise of such warrants.
The investment is a win-win for SKYG as not only providing capital to move the projects forward, but also lending a great deal of validation with respect to the potential of Mustang and Virginia.