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Toronto, Ontario--(Newsfile Corp. - May 27, 2022) - Eric Sprott announces that, today, 2176423 Ontario Ltd. (a corporation he beneficially owns) exercised 9,090,909 common share purchase warrants (Warrants) of Discovery Silver Corp., at $0.77 per common share (Share) for aggregate consideration of $7,000,000. The exercise of the Warrants, combined with prior corporate treasury issuances of Shares, resulted in a decrease in holdings of approximately 2.6% of the outstanding Shares on a partially diluted basis since the date of the last early warning report. Prior to such exercise, Mr. Sprott beneficially owned and controlled 80,440,145 Shares and 14,646,409 Warrants representing approximately 24.1% of the outstanding Shares on a non-diluted basis and approximately 27.3% on a partially diluted basis assuming the exercise of all such Warrants.
As a result of the Warrant exercise, Mr. Sprott now beneficially owns and controls 89,531,045 Shares and 5,555,500 Warrants representing approximately 26.2% of the outstanding Shares on a non-diluted basis and approximately 27.3% on a partially diluted basis assuming the exercise of such Warrants. The exercise of Warrants resulted in a partially diluted ownership change of greater than 2% and, therefore, the filing of an update to the early warning report.
The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities 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.
Discovery Silver is located at 701 - 55 University Avenue, Toronto, ON, M5J 2H7. A copy of the early warning report with respect to the foregoing will appear on the company's profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/125624