Toronto, Ontario--(Newsfile Corp. - October 11, 2022) - Eric Sprott announces that on October 8, 2022, 18,750,000 common share purchase warrants ("Warrants") of MacDonald Mines Exploration Ltd., (held by 2176423 Ontario Ltd., a corporation he beneficially owns) expired unexercised representing a decrease in holdings of approximately 6.4% of the outstanding common shares (Shares) on a partially diluted basis since the date of the last early warning report.
Prior to the expiry of these Warrants, Mr. Sprott beneficially owned and controlled 18,750,000 Warrants representing approximately 6.8% of the outstanding Shares on a partially diluted basis. However, Mr. Sprott still controlled the 18,750,000 Shares held by The Sprott Foundation. Therefore, Mr. Sprott still controlled 18,750,000 Shares and 18,750,000 Warrants representing approximately 7.2 % of the outstanding Shares on a non-diluted basis, and approximately 13.5% on a partially diluted basis assuming the exercise of the Warrants.
As a result of the Warrant expiry, Mr. Sprott still controls the 18,750,000 Shares held by The Sprott Foundation. representing approximately 7.2% of the outstanding Shares on a partially diluted basis. The Warrants expiry resulted in a partially diluted ownership change of greater than 2% (to below 10%) and, therefore, the filing of an update to the early warning report. As a result, Mr. Sprott and 2176423 Ontario Limited ceased to be insiders of MacDonald Mines.
The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
MacDonald Mines is located at 1001-145 Wellington Street West, Toronto, ON M5J 1H8. A copy of the early warning report with respect to the foregoing will appear on MacDonald Mines profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, ON M5J 2J1).
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