Toronto, Ontario--(Newsfile Corp. - September 25, 2020) - Eric Sprott announces that on September 24, 2020, 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired ownership of 1,715,000 units of Trigon Metals Inc., through a private placement, at $0.35 per unit for aggregate consideration of approximately $600,250. Each unit consists of one common share (share) and one-half of one share purchase warrant, which warrant entitles the holder thereof to acquire one share at $0.45 per share for a period of 36 months following the closing date.
Mr. Sprott now beneficially owns and controls 19,714,999 shares and 18,857,499 share purchase warrants (representing approximately 18.7% of the outstanding shares on a non-diluted basis and 31.0% on a partially diluted basis assuming exercise of such warrants). Prior to this acquisition, Mr. Sprott beneficially owned and controlled 17,999,999 shares and 17,999,999 share purchase warrants (representing approximately 19.6% of the then outstanding shares on a non-diluted basis and 32.8% on a partially diluted basis). Together with the other treasury issuances by Trigon Metals, the acquisition by 2176423 Ontario resulted in a decrease in beneficial holdings of approximately 2.2% of the outstanding shares on a partially diluted basis from what was reported on the last early warning report and, therefore, requires the filing of an updated early warning report.
The units 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 Trigon Metals including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
Trigon Metals is located at Suite 800-65 Queen Street West, Toronto, ON M5H 2M5. A copy of 2176423 Ontario's early warning report will appear on Trigon Metals profile on SEDAR at www.sedar.com and may also be obtained by calling Mr. Sprott's office at (416) 362-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).