Mining investor Eric Sprott has invested in Kirkland Lake-focused Orefinders Resources.
The TSX-V-listed junior on Thursday announced it had closed the hard dollar portion of its nonbrokered private placement – announced on February 4 – for aggregate proceeds of C$1.49-million.
Upon closing of the offering, the company issued 29.8-million units, at C $0.05 a hard dollar unit, each consisting of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the company at a price of C$0.08 for a period of 24 months from the date of issuance.
Sprott, through 2176423 Ontario, acquired 12 857 160 units for a total consideration of C$642 858. Following the completion of the private placement, Sprott beneficially owns and controls 12 857 160 common shares and 6 428 580 warrants of the company representing about 8.07% of the issued and outstanding stock on a non-diluted basis and about 11.64% of the issued and outstanding stock on a partially diluted basis.