Toronto, Ontario--(Newsfile Corp. - December 14, 2022) - Eric Sprott announces that, today, he donated 7,900,000 common shares (Shares) of Gossan Resources Ltd., to The Sprott Foundation (which he controls). Combined with prior treasury Shares issuances by Gossan Resources, this resulted in a decrease in holdings of approximately 3.2% of the outstanding Shares on a partially diluted basis since the date of the last early warning report. Prior to the donation of these Shares, Mr. Sprott beneficially owned and controlled 7,900,000 Shares and 3,950,000 Share purchase warrants (Warrants) representing approximately 11.8% of the issued and outstanding Shares on a non diluted basis, and approximately 16.8% on a partially diluted basis.
As a result of the donation, Mr. Sprott still beneficially owns and controls 3,950,000 Warrants representing approximately 5.6% of the outstanding Shares on a partially diluted basis. However, Mr. Sprott still controls the 7,900,000 Shares donated to The Sprott Foundation. Therefore, Mr. Sprott still controls 7,900,000 Shares and 3,950,000 Warrants representing approximately 11.8% of the issued and outstanding Shares on a non diluted basis, and approximately 16.8% on a partially diluted basis assuming the exercise of the Warrants.
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.
Gossan Resources is located at 404-171 Donald St., Winnipeg, Manitoba R3C 1M6. A copy of the early warning report with respect to the foregoing will appear on Gossan Resource'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).
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