- Billionaire investor Eric Sprott has acquired a substantial stake in Cerro de Pasco Resources Inc. (CSE:CDPR)
- A new insider of the corporation, he acquired 20 million shares through a company he owns
- Sprott now owns or controls 37 million common shares and 20 million warrants, representing approximately 9 per cent of the outstanding shares
- Cerro de Pasco Resources Inc. opened trading at $0.14 per share
Billionaire investor Eric Sprott has acquired a substantial stake in Cerro de Pasco Resources Inc. (CSE:CDPR).
A new insider of the corporation, he acquired 20 million shares through 2176423 Ontario Ltd., a corporation he owns. He also acquired 17 million common shares from an existing shareholder through a share purchase agreement. Sprott now owns or controls 37 million common shares and 20 million warrants, representing approximately 9 per cent of the outstanding shares on a non-diluted basis and 13.3 per cent on a partially diluted basis.
He acquired these securities for investment purposes with a long-term view of the investment.
This comes as the Montréal-based miner recently closed its non-brokered private placement, for total aggregate gross proceeds of C$3.2 million, issuing 32.9 million shares at $0.10 per share.
In a news release, Cerro de Pasco’s CEO, Guy Goulet called this funding round critical and pointed to this investment as key to advancing the company’s mining operations.
“We look forward to moving ahead with drilling activities at the Quiulacocha Tailings Project in late July, with the objective of producing a master plan for reprocessing the entire Quiulacocha tailings resource.”
Cerro de Pasco Resources Inc. is a mining company, with the goal to become the next mid-tier producer in Peru. The company is the titleholder of the concession located in Peru called “El Metalurgista,” which grants it the right to explore and exploit the Quiulacocha Tailings located within the area. The Quiulacocha tailings storage facility covers 1.15 square kilometres and is estimated to hold roughly 75 million tonnes of material processed from the 1920s to 1990s.
Cerro de Pasco Resources Inc. (CSE:CDPR) opened trading at $0.14 per share. Its stock is up more than 20 per cent in early trading and has risen nearly 32 per cent since this time, last year.
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(Top image of Eric Sprott: Sprott Money)