TORONTO, ONTARIO--(Marketwired - March 7, 2017) - Eric Sprott announces that on March 6, 2017 and March 7, 2017, he sold a total of 20,000,000 common shares of Metanor Resources Inc. ("Metanor") through market transactions and a private agreement at an average price of $0.06 per share for total consideration of $1,216,711. The 20,000,000 common shares represent approximately 4.6% of the outstanding shares of Metanor. This press release is being issued pursuant to Canadian early warning requirements because the sale of shares has resulted in Mr. Sprott's holdings to decrease to less than 10% of the outstanding shares of Metanor, as well as such decrease representing more than 2% of the outstanding shares.
Prior to the disposition, Mr. Sprott owned or controlled 38,698,000 common shares and 20,000,000 common share purchase warrants, representing approximately 8.8% of the outstanding shares on a non-diluted basis and 12.8% on a partially diluted basis.
As of the date hereof, after giving effect to this disposition, Mr. Sprott owns or controls 18,698,000 shares and 20,000,000 warrants, representing approximately 4.3% of the outstanding shares on a non-diluted basis and 8.4% of the outstanding shares on a partially diluted basis.
The shares are being held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities either on the open market or through private acquisitions including any upcoming private placements 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.
Metanor is located at 2872 chemin Sullivan, bureau 2, Val-d'Or, Quebec, J9P 0B9. A copy of Mr. Sprott's early warning report will appear with Metanor's documents on the System for Electronic Document Analysis and Retrieval and may also be obtained by contacting Mr. Sprott at (416) 362-7172.
200 Bay Street, Suite 2600
Royal Bank Plaza, South Tower
Toronto, Ontario M5J 2J2