Toronto, Ontario--(Newsfile Corp. - October 21, 2019) - Eric Sprott announces that, on October 18, 2019, 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired through a private agreement ownership of 12,500,000 units of Metallic Minerals Corp., at price of $0.156 per unit for aggregate consideration of $1,950,000. Each unit consists of one common share and one-half of one common share purchase warrant of Metallic Minerals. Each whole warrant entitles the holder to acquire one common share at an exercise price of $0.25 until October 18, 2021.
Prior to the acquisition, Mr. Sprott beneficially did not own or control any securities of the Corporation. Mr. Sprott now beneficially owns and controls approximately 12.6% of the outstanding common shares on a non-diluted basis, and approximately 17.8% on a partially diluted basis assuming exercise of the warrants.
The units were acquired by Mr. Sprott, through 2176423 Ontario for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of Metallic Minerals including on the open market or through private acquisitions or sell securities of Metallic Minerals including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
Metallic Minerals is located at Suite 904-409 Granville Street, Vancouver, BC V6C 1T2. A copy of 2176423 Ontario's early warning report will appear on Metallic Minerals profile on SEDAR at www.sedar.com and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).
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