Toronto, Ontario--(Newsfile Corp. - March 18, 2019) - Eric Sprott announces that he beneficially owns and controls, directly and indirectly 5,189,467 common shares (shares) and 3,128,500 share purchase warrants (warrants) of Bonterra Resources Inc., representing approximately 8.1% of the outstanding shares on a non-diluted basis and approximately 8.8% on a partially diluted basis assuming exercise of the warrants. This press release is being issued pursuant to Canadian early warning requirements because the purchase of shares, as described below, combined with Bonterra Resources' various treasury issuances and corporate actions, has resulted in Mr. Sprott's beneficial holdings of shares to decrease to less than 10% of the outstanding shares.
On March 18, 2019, 2176423 Ontario Ltd., a company beneficially owned and controlled by Mr. Sprott, purchased 1,540,000 shares at a price of $1.95 per share ($3,003,000 total), representing approximately 2.4% of the outstanding shares. Prior to this acquisition, Mr. Sprott beneficially owned and controlled, directly and indirectly, 3,649,467 shares and 3,128,500 warrants, representing approximately 8.5% of the outstanding shares on a non-diluted basis and approximately 9.5% 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 securities either on the open market or through private acquisitions or sell the 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.
Bonterra Resources is located at 2872 Sullivan Road, Suite 2, Val-d'Or, Quebec, J9P 0B9. A copy of 2176423 Ontario's early warning report will appear on Bonterra Resources' profile on SEDAR at www.sedar.com and may also be obtained by contacting Mr. Sprott at (416) 362-7171.