The new year is off to a great start for Grande Portage Resources (TSXV: GPG), whom last night indicated that a major shareholder has increased their stake in the firm. Renowned mining financier Eric Sprott has upped his stake in the company via the exercise of warrants.
The exercise of warrants has seen $2.3 million in cash added to the firms balance sheet. A total of 5.0 million shares were issued in connection with the exercise, at a price of $0.45 per share.
Following the exercise, Sprott, through his numbered company, has upped his stake in the firm from 9.8% on a non-diluted basis to approximately 14.0%. Following the exercise, Sprott is now the largest individual stakeholder in the company, with a total ownership of 15.0 million shares.
Sprott first took a position in the firm in July 2020, when he invested an initial $3.0 million in the company to purchase 10.0 million units.
Grande Portage Resources last traded at $0.54 on the TSX Venture.
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