Eric Sprott Announces Additional Securities of New Found Gold Corp. Acquired in Exchange for Securities of Maritime Resources Corp. Pursuant to the Plan of Arrangement
MWN-AI** Summary
On November 13, 2025, Eric Sprott, through his beneficially owned corporation 2176423 Ontario Ltd., announced the acquisition of 7,691,250 common shares and 2,000,025 share purchase warrants of New Found Gold Corp. This acquisition occurred as part of a statutory plan of arrangement (Arrangement) between New Found Gold and Maritime Resources Corp., where New Found Gold obtained all outstanding common shares of Maritime Resources that it did not already own. As part of the Arrangement, Maritime shareholders received 0.75 New Found Shares for each Maritime Share held, and holders of Maritime Warrants received a similar ratio in New Found Warrants.
Prior to the Arrangement, Mr. Sprott owned 10,255,000 Maritime Shares, constituting approximately 8.3% of the total shares on a non-diluted basis. Following the transaction, he no longer holds any securities in Maritime Resources, thus ceasing to be an insider of the company. Conversely, before the Arrangement, Mr. Sprott held 56,224,015 New Found Shares, representing 23.1% of the total. Post-Arrangement, his holdings in New Found Gold increased to a total of 63,915,265 shares and 2,000,025 warrants, reflecting approximately 18.9% of the outstanding shares on a non-diluted basis, indicating a reduction of around 3.7% in his stake.
Sprott maintains a long-term outlook on his investment in New Found Gold, expressing the potential to acquire more securities or make sales in line with market conditions and strategic considerations. Details and early warning reports regarding these transactions are accessible on SEDAR+.
MWN-AI** Analysis
Eric Sprott’s recent acquisition of significant shares in New Found Gold Corp. following its arrangement with Maritime Resources Corp. presents a notable development in the mining sector. By acquiring 7,691,250 common shares and 2,000,025 warrants of New Found Gold, Sprott reaffirms his confidence in this junior gold miner's potential, highlighting the strategic importance of mergers and acquisitions in enhancing shareholder value.
Investors should analyze the implications of this transaction through several lenses. First, the conversion rate of 0.75 New Found Shares for each Maritime Share held indicates a consolidation approach that might lead to better operational synergies and increased efficiencies. Market analysts often view such consolidations as positive, particularly if they result in improved asset management and resource allocations.
Second, the figure that Sprott’s percentage ownership in New Found Gold decreased to approximately 18.9% post-acquisition could hint at his long-term strategy. While his stake diminishes in percentage terms, the absolute number of shares owned is substantial, indicating a strong commitment to the company’s future. Investors looking for stability may find this as a bullish signal, especially considering Sprott’s history of successful mining investments.
One must also consider market conditions and Sprott's possible future actions, as he has indicated a readiness to acquire more shares or sell depending on evolving circumstances. Hence, vigilant investors should monitor his moves closely, as they may offer insight into market sentiment and potential price fluctuations.
In summary, New Found Gold’s merger with Maritime Resources and Sprott's substantial equity position suggest potential upside for investors. However, they should remain cognizant of market volatility and be prepared to adapt their strategies based on future developments in the gold mining sector.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Toronto, Ontario--(Newsfile Corp. - November 13, 2025) - Eric Sprott announces that, today, 2176423 Ontario Ltd. (a corporation beneficially owned by him) acquired 7,691,250 common shares (New Found Shares) and 2,000,025 share purchase warrants (New Found Warrants) of New Found Gold Corp. upon the closing of a statutory plan of arrangement (Arrangement) between New Found Gold and Maritime Resources Corp., pursuant to which New Found Gold acquired all the outstanding common shares of Maritime Resources (Maritime Shares) that it does not already own. Pursuant to the Arrangement, holders of Maritime Shares (other than New Found Gold or its affiliates) received 0.75 of a New Found Share for every Maritime Share they held and holders of Maritime share purchase warrants (Maritime Warrants) received 0.75 of a New Found Warrant for every Maritime Warrant.
Maritime Resources holdings: Prior to the Arrangement, Mr. Sprott beneficially owned 10,255,000 Maritime Shares and 2,666,700 Maritime Warrants, representing approximately 8.3% of the outstanding Maritime Shares on a non-diluted basis and 10.2% of the outstanding Maritime Shares on a partially-diluted basis assuming exercise of such Maritime Warrants. Mr. Sprott no longer holds any securities of Maritime Resources, and Mr. Sprott (as well as 2176423 Ontario Ltd.) ceased to be insiders of Maritime Resources.
New Found Gold holdings: Prior to the Arrangement, Mr. Sprott beneficially owned 56,224,015 New Found Shares, representing approximately 23.1% of the outstanding New Found Shares on a non-diluted basis. As a result of the Arrangement, Mr. Sprott now beneficially owns 63,915,265 New Found Shares and 2,000,025 New Found Warrants, representing approximately 18.9% of the outstanding New Found Shares on a non-diluted basis and approximately 19.4% on a partially diluted basis assuming exercise of such warrants, which represents a decrease in holdings of approximately 3.7% from what was reported in the most recent early warning report for New Found Gold,
Mr. Sprott has a long-term view of the investment in New Found Gold and may acquire additional securities of New Found Gold including on the open market or through private acquisitions or sell 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.
New Found Gold is located at 1133 Melville Street, Suite 3500, Vancouver, British Columbia, V6E 4E5. Maritime Resources is located at 3200-650 West Georgia St., c/o Harper Grey LLP, Vancouver, British Columbia, V6B 4P7. A copy of the early warning reports with respect to the foregoing will appear on New Found Gold's or Maritime Resources' profile, respectively, on SEDAR+ at www.sedarplus.ca and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 7 King Street East, Suite 1106, Toronto, ON M5C 3C5).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274464
FAQ**
How does the recent acquisition of New Found Gold Corp NFGC impact the overall investment strategy for Eric Sprott and 2176423 Ontario Ltd. in the mining sector?
What are the potential implications for shareholders following the merger between New Found Gold Corp NFGC and Maritime Resources Corp.?
In terms of market valuation, how might the acquisition of Maritime Resources Corp by New Found Gold Corp NFGC affect the future stock performance of NFGC?
Considering Eric Sprott's long-term investment view, what factors could influence his decision to acquire additional shares in New Found Gold Corp NFGC or adjust his holdings in the near future?
**MWN-AI FAQ is based on asking OpenAI questions about Maritime Res Corp Ord (OTC: MRTMF).
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