Toronto, Ontario--(Newsfile Corp. - January 5, 2022) - Eric Sprott announces that, today, 2176423 Ontario Ltd., (a corporation he beneficially owns) exercised 5,000,000 common share purchase warrants (Warrants) of Grande Portage Resources Ltd., at $0.45 per share (Share) for aggregate consideration of $2,250,000. The exercise of Warrants, combined with prior corporate treasury issuances of Shares, resulted in a decrease in holdings of approximately 4.1% of the outstanding Shares on a partially diluted basis since the date of the last early warning report. Prior to the exercise of these Warrants, Mr. Sprott beneficially owned and controlled 10,000,000 Shares and 5,000,000 Warrants representing approximately 9.8% of the outstanding Shares on a non-diluted basis and approximately 14.0% on a partially diluted basis assuming the exercise of all such Warrants.
Mr. Sprott now beneficially owns and controls 15,000,000 Shares representing approximately 14.0% of the outstanding Shares on a non-diluted basis. The exercise of Warrants resulted in a partially diluted ownership change of greater than 2% and, therefore, the filing of an update to the early warning report.
The Shares noted above 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.
Grande Portage Resources Ltd., is located at 280-1090 West Georgia Street, Vancouver, BC, V6E 3V7. A copy of the early warning report with respect to the foregoing will appear on the company's 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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