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Eric Sprott announces that, today, 2176423 Ontario Ltd. (a corporation beneficially owned by him) acquired 7,691,250 common shares (New Found Shares) and 2,000,025 share purchase warrants (New Found Warrants) of New Found Gold Corp. upon the closing of a statutory plan of arrangement (Arrangement) between New Found Gold and Maritime Resources Corp., pursuant to which New Found Gold acquired all the outstanding common shares of Maritime Resources (Maritime Shares) that it does not already own. Pursuant to the Arrangement, holders of Maritime Shares (other than New Found Gold or its affiliates) received 0.75 of a New Found Share for every Maritime Share they held and holders of Maritime share purchase warrants (Maritime Warrants) received 0.75 of a New Found Warrant for every Maritime Warrant.
Maritime Resources holdings: Prior to the Arrangement, Mr. Sprott beneficially owned 10,255,000 Maritime Shares and 2,666,700 Maritime Warrants, representing approximately 8.3% of the outstanding Maritime Shares on a non-diluted basis and 10.2% of the outstanding Maritime Shares on a partially-diluted basis assuming exercise of such Maritime Warrants. Mr. Sprott no longer holds any securities of Maritime Resources, and Mr. Sprott (as well as 2176423 Ontario Ltd.) ceased to be insiders of Maritime Resources.
New Found Gold holdings: Prior to the Arrangement, Mr. Sprott beneficially owned 56,224,015 New Found Shares, representing approximately 23.1% of the outstanding New Found Shares on a non-diluted basis. As a result of the Arrangement, Mr. Sprott now beneficially owns 63,915,265 New Found Shares and 2,000,025 New Found Warrants, representing approximately 18.9% of the outstanding New Found Shares on a non-diluted basis and approximately 19.4% on a partially diluted basis assuming exercise of such warrants, which represents a decrease in holdings of approximately 3.7% from what was reported in the most recent early warning report for New Found Gold,
Mr. Sprott has a long-term view of the investment in New Found Gold and may acquire additional securities of New Found Gold including on the open market or through private acquisitions or sell 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.
New Found Gold is located at 1133 Melville Street, Suite 3500, Vancouver, British Columbia, V6E 4E5. Maritime Resources is located at 3200-650 West Georgia St., c/o Harper Grey LLP, Vancouver, British Columbia, V6B 4P7. A copy of the early warning reports with respect to the foregoing will appear on New Found Gold's or Maritime Resources' profile, respectively, on SEDAR+ at www.sedarplus.ca and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 7 King Street East, Suite 1106, Toronto, ON M5C 3C5).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274464
