Northern Star Resources Ltd. Ownership in Superior Gold Inc.
29 June 2021 - 10:03PM
Northern Star Resources Ltd. (“
Northern Star”) to
file an early warning report (the “
Early Warning
Report”) advising of the sale of common shares (the
“
Common Shares”) of Superior Gold Inc.
(“
Superior Gold”). Northern Star disposed of an
aggregate of 6,300,000 Common Shares through the facilities of the
TSX Venture Exchange (the "
TSXV") on June 28, 2021
at a price of $0.63 per Common Share for an aggregate cash
consideration of $3,906,000 (the "
Disposition").
Immediately prior to the Disposition, Northern had ownership and
control of 18,346,261 Common Shares and 13,960,561 Warrants. The
Common Shares held by Northern Star represented approximately 15.1%
of the issued and outstanding Common Shares on a non-diluted basis.
On a partially-diluted basis, assuming exercise of the Warrants,
Northern Star would have owned and controlled 32,306,822 Common
Shares, representing approximately 23.8% of the outstanding Common
Shares.
Following the Disposition, Northern Star has ownership and
control over an aggregate of 12,046,261 Common Shares. Immediately
following completion of such transactions, the 12,046,261 Common
Shares over which Northern Star has ownership and control of
represents approximately 9.9% of the issued and outstanding Common
Shares on a non-diluted basis. On a partially-diluted basis,
assuming exercise of the 13,960,561 Warrants owned by Northern
Star, Northern Star would have ownership and control of 26,006,822
Common Shares, representing approximately 19.2% of the outstanding
Common Shares.
The Securities held by Northern Star are for investment purposes
only and not for the purpose of exercising control or direction
over Superior Gold. Northern Star has no current plan or proposal
which relates to, or would result in acquiring additional ownership
or control over securities of Superior Gold (other than the
exercise of the Warrants). Northern Star may or may not purchase or
sell securities of Superior Gold in the future on the open market
or in private transactions, depending on market conditions and
other factors material to Northern Star’s investment decision.
A copy of the early warning report required to be filed by
Northern Star with applicable securities commissions will be filed
under Superior Gold’s profile on SEDAR at www.sedar.com and a copy
of the early warning report may also be obtained by contacting the
Company Secretary of Northern Star, at Level 1, 388 Hay Street,
Subiaco WA 6008 Australia, email: compliance@nsrltd.com.
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