The Vancouver-based company revealed that renowned resources investor Eric Sprott increased his ownership in Gander Gold to 17.35% – a holding of 10,666,666 special warrants – by purchasing $1.6 million of the $2.2 million private placement.
The exploration stage resource company said the private placement of 11 million convertible special warrants, issued at a price of $0.20 per special warrant, generated net proceeds of $2,2 million. The special warrants will be converted into shares at a date to be determined by the Gander Gold’s board, but no later than two weeks after Gander Gold becomes a reporting issuer.
READ: Sassy Resources says renowned resources investor Eric Sprott is increasing his ownership in its Gander Gold
“The additional $2.2 million injection into Gander Gold, nearly 75% of it coming from Mr Sprott, will allow us to significantly expand our current program across multiple projects that comprise the largest land position of any public company in Newfoundland,” Sassy Resources CEO Mark Scott said in a statement.
Scott had earlier indicated that the company is “working diligently” on a plan to list Gander Gold on a Canadian exchange.
“We appreciate Mr Sprott’s additional investment in Gander Gold which lifts our total raise to $5,000,000 to date,” he added.
To date, Gander Gold has raised $5,001,208 through the issuance of convertible special warrants and shares with no finder’s fees.
Meanwhile, Scott will be part of a panel discussion on June 3 at 10:00 am PST (1:00 pm EST) as part of the Virtual Investor Day event hosted by the Newfoundland.Gold alliance.
Contact the author Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive
Story by ProactiveInvestors
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