Toronto, Ontario--(Newsfile Corp. - July 15, 2020) - Eric Sprott announces his holdings of securities of Freegold Ventures Limited, all of which are through 2176423 Ontario Ltd., a corporation which is beneficially owned by him.
Mr. Sprott beneficially owns and controls 38,916,278 common shares of shares Freegold Ventures (shares), 17,146,389 share purchase warrants and 21,850,326 subscription receipts, representing approximately 16.12% of the outstanding shares on a non-diluted basis and approximately 21.69% on a partially diluted basis assuming exercise of such warrants. The subscription receipts entitle the holder thereof to receive, without payment of any additional consideration, one share and one-half of one share purchase warrant. Each such whole warrant will entitle the holder thereof to purchase one share until two years following the "Closing Date" as further described in the press releases of Freegold Ventures issued on May 26, 2020 and June 2, 2020. The conversion of the subscription receipts will be conditional upon the approval of the existing shareholders. Freegold Ventures has filed a notice on SEDAR indicating that its annual and special meeting of shareholders will occur on September 15, 2020. If the shareholders approve the conversion of the subscription receipts and the subscription receipts are converted, Mr. Sprott will beneficially own and control 60,766,604 shares and 28,071,552 share purchase warrants. representing approximately 22.59% of the outstanding shares and approximately 29.9% of the outstanding shares on a partially diluted basis assuming exercise of such warrants and that all 27,683,326 subscription receipts that were issued by Freegold Ventures on or about May 26, 2020 and June 2, 2020 (including Mr. Sprott's subscription receipts) are converted into shares and warrants.
Mr. Sprott has acquired the securities through 2176423 Ontario for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of Freegold Ventures including on the open market or through private acquisitions or sell securities of Freegold Ventures including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.
Freegold Ventures is located at 888 - 700 West Georgia Street, Vancouver, British Columbia, V6Y 1G5. A copy of 2176423 Ontario's early warning report will appear on Freegold Venture's 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).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59861