June 22, 2016 16:10 ET
TORONTO, ONTARIO--(Marketwired - June 22, 2016) - Eric Sprott announces that on June 22, 2016, he acquired 16,200,000 common shares of Newmarket Gold Inc., representing approximately 9.2% of the outstanding shares. Mr. Sprott acquired the shares at a price of $2.80 per share for total consideration of $45.4 million pursuant to a purchase agreement with Luxor Capital Group, LP and its affiliates, as previously disclosed on April 26, 2016.
Prior to this acquisition, Mr. Sprott beneficially owned 14,134,896 shares representing approximately 8.1% of the outstanding shares, but had the power to exercise control over 30,334,896 shares representing approximately 17.3% of the outstanding shares. Mr. Sprott now beneficially owns and controls 30,334,896 shares, representing approximately 17.3% of the outstanding shares.
The shares were acquired for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional shares either on the open market or through private acquisitions or sell the shares either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
Newmarket Gold Inc. is located at 1680-200 Burrard Street, Vancouver, B.C. V6C 3N5. A copy of the early warning report with respect to the foregoing will appear with Newmarket Gold's documents on the System for Electronic Document Analysis and Retrieval at www.sedar.com and may also be obtained by contacting Mr. Sprott at (416) 362-7172.
Eric Sprott(416) 362-7172
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