Metanor investor Sprott acquires seven million shares
2016-03-11 15:56 ET - News Release
Mr. Eric Sprott, investor, reports
ERIC SPROTT ANNOUNCES ACQUISITION OF SECURITIES OF METANOR RESOURCES INC.
On March 1, 2016, Eric Sprott acquired ownership and control over seven million common shares of Metanor Resources Inc., representing approximately 1.7 per cent of the currently issued and outstanding common shares of the corporation on a non-diluted basis. The acquired shares were purchased at a price of 6.3 cents per acquired share.
As of the date hereof, after giving effect to the acquisition, Mr. Sprott beneficially owns, or exercises control or direction over: (i) 30 million shares and (ii) 20 million common share purchase warrants of the corporation. Based on the foregoing, Mr. Sprott beneficially owns, or exercises control or direction over, 30 million shares, representing approximately 7.1 per cent of the currently issued and outstanding shares on a non-diluted basis, and 50 million shares, representing approximately 11.3 per cent of the currently issued and outstanding shares on a partially diluted basis.
The acquired shares were purchased through the facilities of the TSX Venture Exchange.
The acquired shares were acquired for investment purposes. Mr. Sprott has a long-term view of the investment and Mr. Sprott and any joint actors do not intend at this time to acquire additional shares, but they may acquire additional shares either on the open market or through private acquisitions or sell the shares either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
This press release is issued pursuant to National Instrument 62-103, the Early Warning System and Related Takeover Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the corporation is a reporting issuer containing information with respect to the foregoing matters. A copy of the early warning report will appear with the corporation's documents on SEDAR and may also be obtained by contacting Mr. Sprott at 416-362-7172.
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