TORONTO, ONTARIO--(Marketwired - March 6, 2017) - Eric Sprott announces that he holds, indirectly (through his holding company, 2176423 Ontario Ltd.), 17,988,833 common shares of Kerr Mines Inc., representing approximately 9.4% of the outstanding shares of Kerr Mines. This press release is being issued pursuant to Canadian early warning requirements because the expiry of warrants, as described below, has resulted in Mr. Sprott's holdings of shares to decrease to less than 10% of outstanding shares.
On March 4, 2017, 5,000,000 common share purchase warrants held by 2176423 Ontario Ltd. expired, representing a decrease of approximately 2.6% of the outstanding shares on a partially diluted basis assuming the warrants had been exercised. Prior to this expiry, Mr. Sprott held indirectly, 17,988,833 shares and 5,000,000 warrants, representing approximately 9.4% of the shares on a non-diluted basis and 11.7% on a partially diluted basis assuming exercise of the warrants.
The shares are held 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.
Kerr Mines is located at 365 Bay Street, Suite 400, Toronto, Ontario, M5H 2V1. A copy of 2176423 Ontario Ltd.'s early warning report will appear on Kerr Mine's profile on SEDAR at www.sedar.com and may also be obtained by contacting Mr. Sprott at (416) 362-7172.