TORONTO , June 19, 2014 /CNW/ - Sprott Resource Corp. ("SRC" or "the
Company") (SCP.TO) announced today that its investee company,
Independence Contract Drilling, Inc. ("ICD"), has filed a registration
statement on Form S-1 with the U.S. Securities and Exchange Commission
(the "Commission") for a possible initial public offering of shares of
its common stock. The proposed offering is expected to commence subject
to the review process of the Commission, and subject to market and
other conditions.
Morgan Stanley and Barclays will act as the joint book-running managers
for the proposed offering. The offering of common stock will be made
only by means of a prospectus. When available, a written prospectus,
which meets the requirements of Section 10 of the Securities Act of
1933, as amended, may be obtained by contacting Morgan Stanley, Attn:
Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY
10014; or by contacting Barclays, c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, NY 11717, by calling (888) 603-5847
or by emailing barclaysprospectus@broadridge.com.
A registration statement relating to the securities described in this
news release has been filed with the Commission but has not yet become
effective. These securities may not be sold nor may offers to buy be
accepted prior to the time the registration statement becomes
effective. This news release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Forward-Looking Information and Statements
This news release contains certain forward-looking information and
statements (collectively referred to herein as "Forward-Looking
Statements") within the meaning of applicable securities laws. The use
of any of the words "expect", "anticipate", "continue", "estimate",
"may", "will", "project", "should", "believe", "plans", "intends" and
similar expressions are intended to identify Forward-Looking
Statements. In particular, but without limiting the forgoing, this news
release contains Forward-Looking Statements pertaining to the proposed
initial public offering by Independence Contract Drilling, Inc.
("ICD"). Forward-Looking Statements are based on a number of
expectations or assumptions which have been used to develop such
information and statements but which may prove to be incorrect,
including, but not limited to the assumption that the market and
services rates for land-based contract drilling services will be
consistent with the current environment. Although Sprott Resource
Corp. ("SRC") believes the expectations and assumptions reflected in
such Forward-Looking Statements are reasonable, undue reliance should
not be placed on Forward-Looking Statements because SRC can give no
assurance that such expectations and assumptions will prove to be
correct. The Forward-Looking Statements included in this news release
are not guarantees of future performance and should not be unduly
relied upon. Such information and statements, including the
assumptions made in respect thereof, involve known and unknown risks,
uncertainties and other factors, which may cause actual results or
events to differ materially from those anticipated in such
Forward-Looking Statements, including, without limitation: (i) adverse
market conditions; (ii) ICD's ability to complete the proposed initial
public offering; (iii) the clearance by the relevant regulators of the
regulatory filings of ICD relating to the proposed initial public
offering; (iv) those risks listed under the heading "Risk Factors" in
SRC's annual information form dated March 25, 2014 ; and (v) other
risks, which are beyond the control of SRC or its subsidiaries. Should
one or more of these risks or uncertainties materialize, or should
assumptions underlying the Forward-Looking Statements prove incorrect,
actual results, performance or achievements could vary materially from
those expressed or implied by the Forward-Looking Statements contained
in this news release. The Forward-Looking Statements contained in this
news release speak only as of the date of this news release, and SRC
does not assume any obligation to publicly update or revise any of the
included Forward-Looking Statements, whether as a result of new
information, future events or otherwise, except as may be expressly
required by applicable securities laws.
SOURCE Sprott Resource Corp.