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Financier Eric Sprott is putting some of his money behind Orefinders Resources (TSXV: ORX) and the junior explorer’s properties in the Kirkland Lake district of Ontario. Sprott has taken an 8.01% of the company’s issued and outstanding common shares on a non-diluted basis and about 11.64% on a partially diluted basis.
“He’s had tremendous success in the Kirkland Lake camp and that’s clearly what got his attention about us,” Stephen Stewart, Orefinders’ president and CEO, said in an interview. “He is obviously interested in our neighborhood.”
“Eric’s a seasoned investor who has seen it all, has lived through all the cycles, and understands it’s a long-term game, writes significant cheques and he brings eyeballs, which is important,” Stewart continued. “He’s probably the best shareholder you can have and it’s also nice to have money to execute on our plan.”
Over the last five years, Orefinders has quietly put together a portfolio of assets in the Kirkland Lake area that it believes can one day deliver “that billion dollar drill hole.”
The company has followed a slightly different path than many other juniors in the business. Instead of raising money to drill, it took advantage of the downturn and the difficult capital markets to “buy other peoples’ drill programs from yester-year.”
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