Toronto, Ontario--(Newsfile Corp. - January 8, 2020) - Eric Sprott announces that, on January 8, 2019, 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired through a private placement ownership of 16,666,666 units of Trigon Metals Inc., at price of $0.12 per unit for aggregate consideration of $1,999,999.92. Each unit consists of one common share and one common share purchase warrant of Trigon Metals. Each whole warrant entitles the holder to acquire one common share at an exercise price of $0.20 for a term of 36 months.
Prior to the acquisition, Mr. Sprott owned 1,333,333 common shares and 1,333,333 common share purchase warrants of the Corporation, representing approximately 2.2% of the then issued and outstanding common shares on a non-diluted basis, and approximately 4.3 % on a partially diluted basis assuming exercise of the warrants.
After giving effect to the acquisition, Mr. Sprott beneficially owns and controls 17,999,999 common shares and 17,999,999 common share purchase warrants of the Corporation representing approximately 19.9% of the issued and outstanding Shares on a non-diluted basis, and approximately 33.2% on a partially diluted basis assuming the 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 Trigon Metals including on the open market or through private acquisitions or sell securities of Trigon Metals including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
Trigon Metals is located at 65 Queen Street West, Suite 800, Toronto, ON M5H 2M5. A copy of 2176423 Ontario's early warning report will appear on Trigon Metals 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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