Toronto, Ontario--(Newsfile Corp. - February 26, 2025) - Eric Sprott announces that, today, 2176423 Ontario Ltd., a corporation beneficially owned by him, acquired 3,571,400 Units of the Borealis Mining Company Ltd. through a bought deal public offering, at $0.56 per Unit for total consideration of $1,999,984. Each Unit consists of one common share (Share) and one-half of one Share purchase warrant (Warrant), with each whole Warrant entitling the holder to acquire one Share at $0.78 for 24 months from the date of issuance.
Prior to the acquisition, Mr. Sprott beneficially owned 4,000,000 Shares and 2,000,000 Warrants representing approximately 4.8% of the outstanding Shares on a non-diluted basis and 7.0% on a partially-diluted basis assuming the exercise of such Warrants. Mr. Sprott now beneficially owns 7,571,400 Shares and 3,785,700 Warrants, representing approximately 7.5% of the outstanding Shares on a non-diluted basis and 10.8% of the outstanding Shares on a partially-diluted basis assuming exercise of such Warrants, thereby requiring the filing of an early warning report.
The securities are held 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.
Borealis Mining's address is 5th Floor - 410 West Georgia Street, Vancouver, British Columbia, V6B 1Z3. A copy of the early warning report with respect to the foregoing will appear on Borealis Mining'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., 7 King Street East, Suite 1106, Toronto, Ontario, M5C 3C5).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242534
SOURCE: Eric Sprott
