FOR IMMEDIATE RELEASE
TORONTO – ON – August 24, 2020 – Jerritt Canyon Canada Ltd., a company controlled by Mr. Eric Sprott (“Sprott”) announces that it has filed an early warning report (the “Report”) announcing that it acquired ownership and control over 5,000,000 units (each, a “Unit”) of Stratabound Minerals Corp. (“Stratabound”) at a price of $0.20 per Unit pursuant to a private placement offering (the “Offering”) of Stratabound completed on August 21, 2020. Each Unit sold pursuant to the Offering consists of one common share (each, a “Common Share”) in the capital of Stratabound and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant is exercisable at a price of $0.30 per Common Share for a period of twenty-four (24) months from the date of issuance. Prior to the completion of the Offering, Sprott beneficially owned and controlled, directly or indirectly, an aggregate of 7,000,000 Common Shares of Stratabound and an aggregate of 2,000,000 Warrants of Stratabound, representing approximately 15% of Stratabound’s issued and outstanding Common Shares on an undiluted basis and approximately 18.5% of Stratabound’s issued and outstanding Common Shares on a partially diluted basis. Following the completion of the Offering, Sprott beneficially owns and controls, directly or indirectly, an aggregate of 12,000,000 Common Shares and 4,500,000 Warrants, representing approximately 22.2% of Stratabound’s issued and outstanding Common Shares an undiluted basis and approximately 28.2% of Stratabound’s issued and outstanding Common Shares on a partially diluted basis.
The Units were acquired for investment purposes. Sprott has a long-term view of the investment and may acquire additional securities of Stratabound either on the open market or through private acquisitions or sell the Common Shares on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
For further details relating to the acquisition, please see the Report, a copy of which is available on SEDAR.