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Early Warning Report Issued Pursuant to National Instrument 62-103 - Acquisition of Securities of Spanish Mountain Gold Ltd.
Vancouver, British Columbia--(Newsfile Corp. - June 3, 2024) - Spanish Mountain Gold Ltd.  (...
About this update from Spanish Mountain Gold Ltd.
[{"type":"text","content":"Early Warning Report Issued Pursuant to National Instrument 62-103 - Acquisition of Securities of Spanish Mountain Gold Ltd.Vancouver, British Columbia--(Newsfile Corp. - June 3, 2024) - Spanish Mountain Gold Ltd. (TSXV: SPA) (FSE: S3Y) (the \"Company\" or \"Spanish Mountain Gold\") announces Lembit Janes (the \"Acquiror\") announces that he acquired 4,761,905 units (the \"Units\") of the Issuer at a price of $0.21 per Unit (the \"Trigger Event\") for a total subscription price of $1,000,000.01. Each Unit consisted of one common share (a \"Common Share\") in the capital of the Company and one-half of one common share purchase warrant (each whole warrant, a \"Warrant\"), with each Warrant entitling the holder thereof to acquire one additional Common Share at a price of $0.25 per Common Share until May 30, 2026.The Trigger Event increased the aggregate number of Common Shares which the Acquiror beneficially owns and exercises control or direction over by more than 2% of the issued and outstanding Common Shares. Prior to the acquisitions, the Acquiror owned and/or had control over an aggregate of 56,974,548 Common Shares, representing approximately 15.28% of the issued and outstanding Common Shares on an undiluted basis. The Acquiror also owned and/or had control over an aggregate of 11,309,524 Warrants, and 300,000 stock options (the \"Options\").Following the Acquisitions, the Acquiror owns and/or has control over an aggregate of 61,736,453 Common Shares, representing approximately 16.55% of the issued and outstanding Common Shares on an undiluted basis. The Acquiror also owns and/or has control over an aggregate of 11,309,524 Warrants, entitling the Acquiror to purchase 11,309,524 Common Shares, and 300,000 Options, entitling the Acquiror to purchase an additional 300,000 Common Shares. If the Acquiror exercises all of his Warrants and Options, he would then own and/or have control over, directly or indirectly, 75,726,929 Common Shares, representing approximately 18.85% of the issued and outstanding Common Shares of the Issuer on a partially diluted basis.The Acquiror may, depending on market and other conditions, increase or decrease his ownership of the Company's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market condi...