08:59 AM EDT, 09/26/2024 (MT Newswires) -- 1911 Gold ( AUMBF ) said on Thursday that it received nearly $1.7 million from the early exercise of warrants by 2176423 Ontario, a corporation that is beneficially owned by Eric Sprott.

1911 said the funds will help the company finalize plans for its upcoming drill program in mid-October at the Rice Lake Gold property in Manitoba.

After the warrant exercise, Sprott's stake increased to 22% from 12%.

"I expect we will see more warrants exercised over the coming weeks with the release of the updated mineral resource estimate and in support of the company's upcoming drill program," 1911 President and CEO Shaun Heinrichs said.