Toronto, Ontario--(Newsfile Corp. - July 29, 2024) - Eric Sprott announces that, on July 27, 2024, 2,900,000 common share purchase warrants (Warrants) of Great Atlantic Resources Corp., held by 2176423 Ontario Ltd., a corporation beneficially owned by him, expired unexercised representing a decrease in holdings of approximately 5.1% of the outstanding common shares (Shares) on a partially diluted basis since the date of the last early warning report. Prior to such expiry, Mr. Sprott beneficially owned and controlled 4,900,000 Shares and 2,900,000 Warrants representing approximately 9.6% of the outstanding Shares on a non-diluted basis and approximately 14.4% on a partially diluted basis assuming the exercise of such Warrants.
As a result of the expiry of the Warrants, Mr. Sprott now beneficially owns 4,900,000 Shares representing approximately 9.6% of the outstanding Shares on a non-diluted basis. The Warrant expiry combined with previous new share issuances by Great Atlantic Resources resulted in an ownership change, on a partially diluted basis, of approximately 5.1% since the date of the last filing of an Early Warning Report and brings total holdings to under 10% on a non-diluted basis. As a result, Mr. Sprott and 2176423 Ontario Ltd., ceased to be insiders of Great Atlantic Resources Corp.
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.
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