Toronto, Ontario--(Newsfile Corp. - December 4, 2024) - Eric Sprott announces that on December 3, 2024, 2176423 Ontario Ltd., a corporation beneficially owned by him, acquired 1,500,000 Units of the Excellon Resources Inc. through a private placement, at $0.105 per Unit for total consideration of $157,500. Each Unit consists of one common share (Share) and one-half of one Share purchase warrant (Warrant), with each whole Warrant entitling the holder to acquire one Share at $0.15 for 24 months from the date of issuance.
Prior to the acquisition, Mr. Sprott controlled 4,293,143 Shares representing approximately 3.7% of the outstanding Shares. As a result of the acquisition, Mr. Sprott now beneficially owns and/or controls 5,793,143 Shares and 750,000 Warrants, representing approximately 4.2% of the outstanding Shares on a non-diluted basis and 4.8% of the outstanding Shares on a partially-diluted basis assuming exercise of such Warrants. The acquisition, combined with previous treasury issuances of Shares, resulted in a decrease in holdings on a partially-diluted basis of approximately 8.8% since the date of the last filing of an Early Warning Report and brings total holdings to under 10%. As a result, Mr. Sprott ceased to be an insider of Excellon Resources.
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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