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MONTRÉAL, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Cerro de Pasco Resources Inc. (CSE:CDPR) (OTCPK: GPPRF) (FRA: N8HP) ("CDPR" or the "Corporation") is pleased to announce the closing of a non-brokered private placement of 20,000,000 units of the Corporation ("Units") at a price of $0.15 per Unit, for total gross proceeds of $3,000,000 (the "Offering").
The Corporation is pleased to announce that Eric Sprott, through 2176423 Ontario Ltd., subscribed for the entire Offering, thereby significantly increasing his stake in CDPR.
"We are pleased to see Eric Sprott increase his investment in Cerro de Pasco Resources. His continued support reflects confidence in our mission and progress. This private placement strengthens our capital structure and allows us to focus on advancing our strategic objectives and delivering value to our shareholders," said Guy Goulet, Chief Executive Officer.
Prior to the Offering, Mr. Sprott beneficially owned or controlled 42,387,500 Common Shares and 20,000,000 Warrants, representing approximately 9.9% of the outstanding Common Shares on a non-diluted basis and 13.9% on a partially diluted basis assuming the exercise of such Warrants. As a result of the Offering, Mr. Sprott beneficially owns or controls 62,387,500 Common Shares and 30,000,000 Warrants, representing approximately 13.9% of the outstanding Common Shares on a non-diluted basis and 19.3% on a partially diluted basis assuming the exercise of such Warrants.
The Units were acquired by Sprott for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of the Corporation including on the open market or through private acquisitions or sell securities of the Corporation including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
A copy of the early warning report with respect to the foregoing will appear on CDPR's profile on SEDAR+ at www.sedarplus.ca and may also be obtained by calling Guy Goulet, CEO of the ...
