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TORONTO, ONTARIO--(Marketwired - Mar 11, 2016) - Eric Sprott ("Sprott") announces that on March 1, 2016, he acquired (the "Acquisition") ownership and control over 7,000,000 common shares (the "Acquired Shares") of Metanor Resources Inc. (the "Corporation"), representing approximately 1.7% of the currently issued and outstanding common shares of the Corporation (the "Shares") on a non-diluted basis. The Acquired Shares were purchased at a price of Cdn.$0.063 per Acquired Share.
As of the date hereof, after giving effect to the Acquisition, Sprott beneficially owns, or exercises control or direction over: (i) 30,000,000 Shares; and (ii) 20,000,000 common share purchase warrants of the Corporation. Based on the foregoing, Sprott beneficially owns, or exercises control or direction over, 30,000,000 Shares, representing approximately 7.1% of the currently issued and outstanding Shares on a non-diluted basis, and 50,000,000 Shares, representing approximately 11.3% of the currently issued and outstanding Shares on a partially-diluted basis.
The Acquired Shares were purchased through the facilities of the TSX Venture Exchange.
The Acquired Shares were acquired for investment purposes. Sprott has a long-term view of the investment and Sprott and any joint actors do not intend at this time to acquire additional Shares, but may acquire additional Shares either on the open market or through private acquisitions or sell the Shares either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Corporation is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear with the Corporation's documents on the System for Electronic Document Analysis and Retrieval and may also be obtained by contacting Sprott at (416) 362-7172.
The issuance of this news release is not an admission that an entity named in the news release owns or controls any described securities or is a joint actor with another named entity.