Toronto, Ontario--(Newsfile Corp. - May 26, 2022) - Eric Sprott announces that, on May 25, 2022, 2176423 Ontario Ltd. (a corporation he beneficially owns) acquired ownership of 1,000,000 units of Pure Gold Mining Inc., through a private placement, at $0.15 per unit for aggregate consideration of $150,000. Each unit consists of one common shares (Share) and one common share purchase warrant (Warrant), with each whole Warrant entitling the holder to acquire one Share at $0.18 for 6 months from the date of issuance. The acquisition, combined with prior corporate treasury issuances of Shares, resulted in a decrease in holdings of approximately 8.4% of the outstanding Shares on a partially diluted basis since the date of the last early warning report. Prior to the acquisition, Mr. Sprott beneficially owned and controlled 47,868,421 Shares and 21,925,000 Warrants representing approximately 7.7% of the outstanding Shares on a non-diluted basis and approximately 10.8% on a partially diluted basis assuming the exercise of all such Warrants.
Mr. Sprott now beneficially owns and controls 48,868,421 Shares and 22,925,000 Warrants representing approximately 5.9% of the outstanding Shares on a non-diluted basis and approximately 8.4% on a partially diluted basis assuming the exercise of such Warrants. The acquisition resulted in a partially diluted ownership change of greater than 2% (to below 10%) and, therefore, Mr. Sprott is no longer a "reporting insider".
The securities 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.
Pure Gold Mining Inc., is located at Suite 1900-1055 West Hastings Street, Vancouver, British Columbia V6E 2E9. 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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