Mr. Eric Sprott, a shareholder, reports
ERIC SPROTT ANNOUNCES INVESTMENT IN BALMORAL RESOURCES LTD.
Between May 4 and May 8, 2020, 2176423 Ontario Ltd., a corporation which is beneficially owned by Eric Sprott, acquired ownership of 4.5 million common shares of Balmoral Resources Ltd. over the Toronto Stock Exchange (representing approximately 2.5 per cent of the outstanding shares on a non-diluted basis) at an average price of approximately 64 cents per share for aggregate consideration of approximately $2,871,900.
Mr. Sprott now beneficially owns and controls 24,885,853 shares and 2,941,176 common share purchase warrants (representing approximately 13.9 per cent on a non-diluted basis and 15.3 per cent on a partially diluted basis assuming exercise of such warrants). Prior to this acquisition, Mr. Sprott beneficially owned and controlled 20,385,853 shares and 2,941,176 warrants (representing approximately 11.4 per cent on a non-diluted basis and 12.9 per cent on a partially diluted basis).
The shares were acquired by Mr. Sprott, through 2176423 Ontario, for investment purposes. Assuming completion of the plan of arrangement between Balmoral Resources and Wallbridge Mining Company Ltd. (securityholder approval of which was announced in the press release of Balmoral Resources on May 8, 2020), Mr. Sprott will exchange his shares of Balmoral Resources for common shares of Wallbridge Mining in accordance with the terms of the arrangement. Until completion of the arrangement, Mr. Sprott may acquire additional securities of Balmoral Resources depending on market conditions.
A copy of 2176423 Ontario's early warning report will appear on Balmoral Resources' profile on SEDAR and may also be obtained by calling Mr. Sprott's office at 416-362-3294 (200 Bay St., Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ont., M5J 2J1).
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