Toronto, Ontario--(Newsfile Corp. - October 13, 2022) - Eric Sprott announces that on October 12, 2022, 2176423 Ontario Ltd., a corporation which is beneficially owned by him, sold 29,508,444 common shares (Shares) of KORE Mining Ltd. over the TSX Venture Exchange (representing approximately 25.6% of the outstanding Shares on non-diluted basis) at a price of approximately $0.0237 per share for aggregate consideration of approximately $699,350.12.
Mr. Sprott now owns and controls 1,095,000 Share purchase warrants ("Warrants") representing approximately 0.9% of the outstanding Shares on a partially-diluted basis. Prior to the disposition, Mr. Sprott beneficially owned and controlled 29,508,444 Shares and 1,095,000 Warrants representing approximately 25.6% of the outstanding Shares on a non-diluted basis and approximately 26.3% on a partially diluted basis assuming the exercise of all such Warrants. The disposition combined with previous new Share issuances by KORE Mining resulted in an ownership change, on a partially diluted basis, of approximately 26.5% since the last filing of an Early Warning Report and bring total holdings to under 10% on a partially diluted basis. As a result, Mr. Sprott and 2176423 Ontario Limited ceased to be insiders of KORE Mining Ltd.
The Shares were sold while it mistakenly believed that holdings of Shares were under 20% of the outstanding Shares. 2176423 has contacted the principal securities regulator of KORE Mining in an effort to resolve any outstanding issues related to this matter.
KORE Mining is located at Suite 960 - 1055 West Hastings Street, Vancouver, British Columbia, V6B 0B8. A copy of the early warning report with respect to the foregoing will appear on the company's 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, Ontario M5J 2J1).
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