Eric Sprott Announces Investment in Balmoral Resources Ltd.
Toronto, Ontario--(Newsfile Corp. - May 8, 2020) - Eric Sprott announces that, between May 4th and May 8th, 2020, 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired ownership of 4,500,000 common shares of Balmoral Resources Ltd. over the Toronto Stock Exchange (representing approximately 2.5% of the outstanding shares on a non-diluted basis) at an average price of approximately $0.64 per share for aggregate consideration of approximately $2,871,900.
Mr. Sprott now beneficially owns and controls 24,885,853 shares and 2,941,176 common share purchase warrants (representing approximately 13.9% on a non-diluted basis and 15.3% on a partially diluted basis assuming exercise of such warrants). Prior to this acquisition, Mr. Sprott beneficially owned and controlled 20,385,853 shares and 2,941,176 warrants (representing approximately 11.4% on a non-diluted basis and 12.9% on a partially diluted basis).
The shares were acquired by Mr. Sprott, through 2176423 Ontario for investment purposes. Assuming completion of the plan of arrangement (arrangement) between Balmoral Resources and Wallbridge Mining Company Limited (securityholder approval of which was announced in the press release of Balmoral Resources on May 8, 2020), Mr. Sprott will exchange his shares of Balmoral Resources for common shares of Wallbridge Mining in accordance with the terms of the arrangement. Until completion of the arrangement, Mr. Sprott may acquire additional securities of Balmoral Resources depending on market conditions.
Balmoral Resources is located at Suite 1750-700 West Pender St, Vancouver, British Columbia, V6C 1G8. A copy of 2176423 Ontario's early warning report will appear on Balmoral Resource's profile on SEDAR at www.sedar.com and may also be obtained by calling Mr. Sprott's office (416) 362-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/55617