Eric Sprott

July 04, 2017 08:00 ET

Eric Sprott Announces Investment in Metanor Resources Inc.

TORONTO, ONTARIO--(Marketwired - July 4, 2017) - Eric Sprott announces that, on June 30, 2017, 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired ownership of 4,000,000 common shares of Metanor Resources Inc. (representing approximately 4.9% of the outstanding shares) at a price of $0.85 per share, for aggregate consideration of $3,400,000, pursuant to a share purchase and sale agreement with various investors.

Mr. Sprott now owns or controls 12,126,800 shares and 5,128,500 common share purchase warrants (representing approximately 14.8% on a non-diluted basis and 19.9% on a partially diluted basis assuming exercise of such warrants). Prior to this acquisition, Mr. Sprott beneficially owned or controlled 8,126,800 shares and 5,128,500 warrants (representing approximately 10.6% on a non-diluted basis and approximately 16.2% on a partially diluted basis).

The shares were acquired by Mr. Sprott, through 2176423 Ontario for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of Metanor Resources either on the open market or through private acquisitions or sell securities of Metanor Resources either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Metanor Resources is located at 2872 chemin Sullivan, bureau 2, Val-d'Or, Québec, J9P 0B9. A copy of 2176423 Ontario's early warning report will appear on Metanor Resource's profile on SEDAR at www.sedarcom may also be obtained by calling (416) 362-7172 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J2).

Contact Information

  • 2176423 Ontario Ltd.
    Eric Sprott
    (416) 362-7172