Mr. Eric Sprott, a shareholder, reports
ERIC SPROTT ANNOUNCES HOLDINGS IN RIO2 LIMITED
On Aug. 13, 2022, 12.6 million common share purchase warrants of Rio2 Ltd. (held by 2176423 Ontario Ltd., a corporation Eric Sprott beneficially owns) expired unexercised, representing a decrease in holdings of approximately 9.8 per cent of the outstanding common shares on a partially diluted basis since the date of the last early warning report. Prior to the expiry of these warrants, Mr. Sprott beneficially owned and controlled 25,933,371 shares and 12.6 million warrants, representing approximately 10.1 per cent of the outstanding shares on a non-diluted basis and approximately 14.3 per cent on a partially diluted basis assuming the exercise of such warrants.
As a result of the warrant expiry, Mr. Sprott now beneficially owns and controls 25,933,371 shares, representing approximately 10.1 per cent of the outstanding shares on a non-diluted basis. The warrant expiry resulted in a partially diluted ownership change of greater than 2 per cent and, therefore, the filing of an update to the 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.
A copy of the early warning report with respect to the foregoing will appear on the company's profile on SEDAR and may also be obtained by calling Mr. Sprott's office at 416-945-3294 (2176423 Ontario Ltd., 200 Bay St., Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ont., M5J 2J1).
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