Toronto, Ontario--(Newsfile Corp. - November 2, 2022) - Eric Sprott announces historical transactions involving common shares of Stinger Resources Inc. (Stinger Shares) by 2176423 Ontario Ltd. (a corporation beneficially owned by him) due to a share capital reorganization effected through a statutory plan of arrangement (Arrangement) between American Creek Resources Ltd. and Stinger Resources completed on February 25, 2021.
As a result of the Arrangement, among other things, (i) the holder of each common share of American Creek received 0.11324 Stinger Share and (ii) the holder of each common share purchase warrant of American Creek (American Creek Warrant) was entitled upon exercise thereof to receive 0.11324 Stinger Share (in addition to one new common share of American Creek). Mr. Sprott then beneficially owned 32,500,000 common shares of American Creek and 32,500,000 American Creek Warrants.
Prior to the Arrangement, Mr. Sprott did not beneficially own or control any securities of Stinger Resources. Immediately after giving effect to the Arrangement, Mr. Sprott beneficially owned 3,680,300 Stinger Shares and the right to receive 3,680,300 Stinger Shares upon due exercise of the 32,500,000 American Creek Warrants, representing approximately 8.2% of the outstanding Stinger Shares on a non-diluted basis and approximately 15.1% on a partially diluted basis assuming exercise of such American Creek Warrants.
The Stinger Shares are held for investment purposes. Mr. Sprott has a long-term view of the investments 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.
Stinger Resources is is located at #92 - 2nd Avenue West Cardston, Alberta T0K 0K0. A copy of the early warning report with respect to the foregoing will appear on Stinger Resources' 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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