Sprott Resource Corp. announces completion sale of shares of PBS Coals Limited
TORONTO, Sept. 24 - Sprott Resource Corp. ("SRC") announced today that it has completed its previously announced sale of 17,050,000 common shares of PBS Coals Limited to holders of subscription receipts of PBS Coals Corporation and an affiliate, which were issued on July 31, 2008. SRC has received net proceeds after commissions of $97,507,445 from the completion of this sale. The proceeds of this previously announced sale had been held in escrow pending the completion of the business combination between PBS Coals Limited and Penfold Capital Acquisition Corporation, which became effective today (see press release dated July 31, 2008).
SRC continues to hold 27,144,938 (19.9%) of the common shares of PBS Coals Limited. The common shares of PBS Coals Limited are listed for trading on the Toronto Stock Exchange under the symbol "PBS".
As previously announced on August 22, 2008, SRC has signed an irrevocable lock-up agreement to tender all of its remaining common shares of PBS Coals Limited into the offer by a subsidiary of Severstal Resources to purchase all of the common shares of PBS Coals Limited (the "Offer") at a price of $8.30.
The Offer, which is subject to certain conditions, is open until October 10, 2008, unless withdrawn or extended in accordance with its terms.
About Sprott Resource Corp.
SRC is a Canadian based company, the primary purpose of which is to invest, directly and indirectly, in natural resources. Through acquisitions, joint ventures and other investments, SRC seeks to provide its shareholders with exposure to the natural resource sector for the purposes of capital appreciation and real wealth preservation. SRC is well positioned to draw upon the considerable experience and expertise of both its Board of Directors and Sprott Consulting Limited Partnership (SCLP), of which Sprott Asset Management Inc. is the sole limited partner. Pursuant to a management services agreement between SCLP and SRC, SCLP provides day-to-day business management for SRC as well as other management and administrative services.
Forward Looking Statements
Certain statements contained herein may constitute "forward-looking statements" under applicable securities laws. Some of the forward-looking statements may be identified by words such as "expects", "anticipates", "should", "believes", "plans", and similar expressions. These statements necessarily involve risk, including without limitation, risks associated with the Offer, including the possibility that the conditions relating to the Offer may not satisfied or that all required regulatory approvals may not obtained.
Actual results and future events could differ materially from those expressed in, or implied by, the forward-looking statements. No assurance can be given that any events anticipated by the forward-looking statements will occur. These forward-looking statements are made as at the date of this news release. SRC does not undertake any obligation to publicly update or revise any of these forward-looking statements, except as required by applicable securities laws.
For further information: Kevin Bambrough, President and Chief Executive
Officer, Tel: (416) 977-7333, Fax: (416) 977-9555, E-mail:
info@sprottresource.com
href="http://www.24hgold.com/24hpmdata/articles/img/mailto:pressreleases2@equicomgroup.com">pressreleases2@equicomgroup.com
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Sprott Resources Corp.
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EXPLORATION STAGE |
CODE : SCP.TO |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Sprott Resources is based in Canada. Sprott Resources holds various exploration projects in Chile. Its main exploration properties are GOLD COIN, PRODUCTORA, DRAGOON - NEW MEXICO and MONITOR in Chile. Sprott Resources is listed in Canada. Its market capitalisation is CA$ 58.0 millions as of today (US$ 44.3 millions, € 41.6 millions). Its stock quote reached its highest recent level on October 25, 1996 at CA$ 96.38, and its lowest recent point on January 29, 2016 at CA$ 0.36. Sprott Resources has 96 670 000 shares outstanding. |