Eric Sprott Announces Investment in Garibaldi Resources
TSX VENTURE: GGI
Toronto, Ontario--(Newsfile Corp. - April 5, 2018) - Eric Sprott announces that today 2176423 Ontario Ltd., a corporation which is beneficially owned by him, purchased 1,000,000 common shares of Garibaldi Resources Corp. pursuant to two private agreements at a price of $2.50 per share for total consideration of $2,500,000 (the "Acquisition").
These 1,000,000 shares, together with the shares previously acquired by 2176423 Ontario through open market purchases since December 21, 2017, being the date of its last early warning report, represent approximately 2.4% of the outstanding shares on a non-diluted basis and approximately 2.3% on a partially diluted basis assuming exercise of share purchase warrants of Garibaldi Resources beneficially owned or controlled by Mr. Sprott. After giving effect to the Acquisition, Mr. Sprott beneficially owns or controls 17,318,428 share and 4,705,562 share purchase warrants (representing approximately 17.1% of the outstanding shares on a non-diluted basis and approximately 20.8% on a partially diluted basis.). Prior to the Acquisition, Mr. Sprott beneficially owned or controlled 16,318,428 shares and 4,705,562 warrants (representing approximately 16.1% on a non-diluted basis and 19.9% 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 Garibaldi Resources either on the open market or through private acquisitions or sell securities either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
2176423 Ontario is relying on the private agreement exemption set out in Section 4.2 of National Instrument 62-104 Take-Over Bids and Issuer Bids for the Acquisition. Garibaldi Resources is located at 409 Granville Street, Suite 1150, Vancouver, British Columbia, V6C 1T2. A copy of 2176423 Ontario's early warning report will appear on Garibaldi Resources' profile on SEDAR at www.sedar.com and may also be obtained by calling Mr. Sprott at (416) 362-7172 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).