October 03, 2016 08:30 ET
TORONTO, ONTARIO--(Marketwired - Oct. 3, 2016) - Eric Sprott announces that he holds directly and indirectly (through his holding company, 2176423 Ontario Ltd. ("2176423")) 18,105,500 common shares ("Shares") and 5,000,000 common share purchase warrants ("Warrants") of Kerr Mines Inc. ("Kerr Mines"), representing approximately 9.5% of the outstanding Shares on a non-diluted basis and approximately 11.8% on a partially diluted basis assuming exercise of the Warrants.
On October 1, 2016, Warrants totalling 4,333,334 with an exercise price of $0.39 per Share held by 2176423 expired (representing a decrease in holdings of approximately 1.9% of the outstanding Shares on a partially diluted basis). Prior to the expiry, Mr. Sprott held directly and indirectly (through 2176423) 18,105,500 Shares and 9,333,334 Warrants of Kerr Mines, representing approximately 9.5% of the outstanding Shares on a non-diluted basis and approximately 13.7% on a partially diluted basis assuming exercise of the Warrants.
The Shares and Warrants held directly and indirectly by Mr. Sprott are 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. Due to this expiry of Warrants and Kerr Mines' treasury issuances of shares subsequent to the filing of the last early warning report dated July 22, 2016, a copy of 2176423's updated early warning report will appear on the Kerr Mines' profile on SEDAR at www.sedar.com and may also be obtained by contacting Mr. Sprott at (416) 362-7172.
Eric Sprott(416) 362-7172200 Bay Street, Suite 2600Royal Bank Plaza, South TowerToronto, Ontario M5J 2J2
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