TORONTO, July 31 /CNW/ - (TSX: SCP) - Sprott Resource Corp. ("SRC") today announced that it has sold into escrow 17,050,000 shares of PBS Coals Corporation ("PBS"), as part of a treasury and secondary offering of 35,716,000 Subscription Receipts (each a "Security") closed by PBS at a price of $6.00 per Security. SRC previously announced its intention to sell shares of PBS as part of the offering (see press release dated June 27, 2008). SRC continues to own 27,140,000 shares of PBS. Each Security effectively represents a right to receive a common share of PBS Coals Limited, the company to be formed from the business combination between PBS and Penfold Capital Acquisition Corporation ("Penfold"), upon the occurrence of release conditions including TSX approval and satisfaction of the conditions to the PBS and Penfold business combination. The aggregate proceeds from the offering will be held in escrow pending the completion of the business combination of PBS and Penfold. 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" or "forward-looking information" 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 associating with the escrow release conditions not being satisfied. Actual results or achievements 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, which are based on management's current expectations, 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.
You are now leaving Sprott.com and entering a linked website. Sprott has partnered with ALPS in offering Sprott ETFs. For fact sheets, marketing materials, prospectuses, performance, expense information and other details about the ETFs, you will be directed to the ALPS/Sprott website at SprottETFs.com.Continue to Sprott Exchange Traded Funds
You are now leaving Sprott.com and entering a linked website. Sprott Asset Management is a sub-advisor for several mutual funds on behalf of Ninepoint Partners. For details on these funds, you will be directed to the Ninepoint Partners website at ninepoint.com.Continue to Ninepoint Partners