TRUIF - Eric Sprott Announces Investment in TRU Precious Metals Corp.
Toronto, Ontario--(Newsfile Corp. - June 17, 2021) - Eric Sprott announces that, 2176423 Ontario Ltd., a corporation which is beneficially owned by him, purchased 9,090,910 units of TRU Precious Metals Corp., at a price of $0.22 per unit for aggregate consideration of $2,000,000.20. Each unit is comprised of one common share (share) and one share purchase warrant (warrant) of TRU Precious Metals; each warrant entitling the holder thereof to purchase one share at an exercise price of $0.35 until June 17, 2024. The units were purchased by way of private agreement with a single vendor at a price less than 115% of the "market price" of the shares in reliance on the" private agreement exemption" in Section 4.2 of National Instrument 62-104 Take-Over Bids and Issuer Bids. 2176423 Ontario Ltd. is beneficially owned by Eric Sprott.
Mr. Sprott now beneficially owns and controls 9,090,910 shares and 9,090,910 warrants representing approximately 13.7% of the outstanding shares on a non-diluted basis and approximately 24.0% on a partially diluted basis assuming the exercise of such warrants. Prior to this acquisition, Mr. Sprott did not beneficially own and control any securities of the Company.
The units were acquired by Mr. Sprott, through 2176423 Ontario for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of TRU Precious Metals including on the open market or through private acquisitions or sell securities of TRU Precious Metals including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
TRU Precious Metals is located at 70 Trius Drive, Fredericton, New Brunswick E3B 5E3. A copy of 2176423 Ontario's early warning report will appear on TRU Precious Metals 's profile on SEDAR at www.sedar.com and may also be obtained by calling Mr. Sprott's office (416) 945-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).
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