Toronto, Ontario--(Newsfile Corp. - May 28, 2024) - Eric Sprott announces that today, 2176423 Ontario Ltd., a corporation which is beneficially owned by him, purchased 3,000,000 common shares (Shares) of Summa Silver Corp., over the TSX Venture Exchange (representing approximately 2.8% of the outstanding shares on non-diluted basis) at a price of $0.40 per share for aggregate consideration of $1,200,000.
The acquired Shares were purchased in reliance on the normal course purchase exemption from the formal take-over bid requirements set out in Section 4.1 of National Instrument 62-104 - Take-Over Bids and Issuer Bids (NI 62-104). Such Shares do not represent more than 5% of the outstanding Shares, and the aggregate number of Shares acquired in reliance on this exemption with any joint actors within the last 12 months does not exceed 5% of the Shares outstanding at the beginning of the 12-month period. The Shares trade on the TSX Venture Exchange and the value of the consideration paid for the acquired Shares was not in excess of the market price at the date of acquisition, as determined in accordance with section 1.11 of NI 62-104, plus reasonable brokerage fees or commissions actually paid
Prior to the acquisition of Shares, Mr. Sprott beneficially owned 16,972,200 Shares and 2,986,100 Share purchase warrants (Warrants) representing approximately 16.2% of the outstanding Shares on a non-diluted basis and approximately 18.5% of the outstanding Shares on a partially diluted basis assuming the exercise of such Warrants. As a result of the acquisition of Shares, Mr. Sprott now beneficially owns 19,972,200 Shares and 2,986,100 Warrants representing approximately 19.1% of the outstanding Shares on a non-diluted basis and approximately 21.3% on a partially diluted basis assuming the exercise of such Warrants. The acquisition resulted in an increase in holdings, on a partially diluted basis, of approximately 2.8% since the date of the last filing of an early warning report.
The Shares were acquired 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.
Summa Silver is located at 918-1030 West Georgia St., Vancouver, British Columbia, V6E 2Y3. A copy of the early warning report with respect to the foregoing will appear on Summa Silver's profile on SEDAR+ at www.sedarplus.ca and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 1106-7 King Street East, Toronto, ON M5C 3C5).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/210868
SOURCE: Eric Sprott
