Northern Star Resources Ltd. Ownership in Superior Gold Inc.
14 October 2021 - 11:32AM
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
8,250,000 Common Shares at a sale price of $0.54 on October 8, 2021
and 3,796,261 Common Shares at a sale price of $0.5408 on October
12, 2021 through the facilities of the TSX Venture Exchange (the
"
TSXV") for an aggregate cash consideration of
$6,508,017.95 (the "
Disposition").
Immediately prior to the Disposition, Northern Star had
ownership and control of 12,046,261 Common Shares and 13,960,561
Warrants. The Common Shares held by Northern Star represented
approximately 9.9% 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
26,006,822 Common Shares, representing approximately 19.2% of the
outstanding Common Shares.
Immediately after giving effect to the Disposition, Northern
Star has no ownership or control over any of the Common Shares. 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 13,960,561 Common Shares, representing approximately
9.3% 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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