- Investor, Eric Sprott
Investor, Eric Sprott
Source: The Globe and Mail.
  • Eric Sprott has invested C$1 million in Phoenix Gold (PXA) through a fully-subscribed private placement
  • The company sold 2,500,000 units at C$0.40 per unit to 2176423 Ontario Ltd., a corporation beneficially owned by Sprott
  • Sprott now owns approximately 12.2 per cent of the company on a partially diluted basis
  • Proceeds will be used for working capital and general corporate purposes
  • Phoenix Gold Resources is a mineral exploration and development company focused on projects in Nevada and Newfoundland
  • Phoenix Gold (PXA) closed the day up 8.51 per cent trading at C$0.51 per share

Eric Sprott has invested C$1 million in Phoenix Gold (PXA) through a fully-subscribed private placement.

The company sold 2,500,000 units at C$0.40 per unit to 2176423 Ontario Ltd., a corporation beneficially owned by Sprott.

Each unit is comprised of one Phoenix Gold common share and one common share purchase warrant.

Each warrant entitles the holder to purchase one Phoenix Gold common share for C$0.60 until 24 months from the date of issuance.

Sprott now owns approximately 6.5 per cent of the company on a non-diluted basis and approximately 12.2 per cent on a partially diluted basis.

He acquired the units for investment purposes.

Proceeds will be used for working capital and general corporate purposes.

Phoenix Gold Resources is a mineral exploration and development company focused on projects in Nevada and Newfoundland.

Phoenix Gold (PXA) closed the day up 8.51 per cent trading at C$0.51 per share.

More From The Market Herald

Barrick and Newmont’s Goldrush mine gets green light in Nevada

Newmont and Barrick Gold's Goldrush underground mine has been approved by The U.S. Bureau of Land Management for 2024 production.
The Market Herald Video

The copper-gold project ripe for exploration in southern British Columbia

Sego Resources CEO Paul Stevenson discusses the copper- and gold-focused mining company's 100-per-cent-owned Miner Mountain Project in B.C.
The Market Herald Video

Cash-flow positive Nicola Mining ready to offer gold, silver and copper

Nicola Mining is cash-flow positive and primed for its next steps in developing its gold, silver and copper projects.

Small-cap mining stock extends profitable track record

Major Drilling Group International, a small-cap mining stock, has extended its profitable streak to three-and-a-half years.