Metallic Minerals Corp. (MMG:TSX.V; MMNGF:OTCMKTS) announced in a news release that Eric Sprott, through his corporation 2176423 Ontario Ltd., purchased 12,500,000 units of the Canadian precious metals explorer for $1.95 million. The price per unit was $0.156.
Each unit has one common share and one-half of a one common share purchase warrant of Metallic Minerals. With each whole warrant, the holder may purchase one common share of the gold-silver firm at $0.25 through Oct. 18, 2021.
Sprott now owns and controls about 12.6% of the outstanding common shares on a nondiluted basis, and around 17.8% on a partially diluted basis, assuming exercise of the warrants.
"Mr. Sprott has a long term view of the investment and may acquire additional securities of Metallic Minerals including on the open market or through private acquisitions or sell securities of Metallic Minerals including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors," the release noted.[NLINSERT]
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