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/C O R R E C T I O N -- Sprott Resource Corp./
In c9641 transmitted at 07:00e today, an error occurred in the first paragraph. "Sprott Resource ...
About this update from Winchester Equity Corporation
[{"type":"text","content":"\n\n\n\nIn c9641 transmitted at 07:00e today, an error occurred in the first\nparagraph. "Sprott Resource Corp. (TSX: SRC) announced today..." should\nhave read "Sprott Resource Corp. (TSX: SCP) ("SRC") announced today..."\nCorrected copy follows:"\n\nSprott Resource Corp. agrees to a price reduction to complete PBS sale\n\n\nTORONTO, Oct. 25 /CNW/ - Sprott Resource Corp. (TSX: SCP) ("SRC")\nannounced today that SRC, along with other principal shareholders of PBS Coals\nLimited ("PBS"), have reached an agreement (the "Supplemental Agreement") with\nPBS, PBS Coals Corporation, Mining Holding Company LLC, a holding company in\nOAO Severstal's Resource Division and 7027940 Canada Limited (the "Offeror"),\na subsidiary of Severstal Resources, pursuant to which the Offeror has agreed\nto take up and pay for all common shares tendered into its September 5, 2008\noffer (the "Offer") at a price of C$8.30 per share and waive all conditions to\nthe Offer. The expiry time of the Offer was 11:59 pm (Eastern) on October 24,\n2008. The Offeror has agreed to take up and pay for the shares tendered into\nthe Offer no later than November 3, 2008, subject to an extension for payment\nto November 5, 2008 with regulatory approval.\n\n\nSRC owns 27,144,938 shares of PBS. If the Offeror takes up and pays for\nthe shares under the Offer, after giving effect to the C$84,478,886 price\nreduction under the Supplemental Agreement, as part of the total price\nreduction of C$381,960,000 by principal shareholders, SRC will receive net\nproceeds of C$140,824,099 on the sale of its PBS shares.\n\n\n"Under the circumstances, we are pleased to be able to resolve the\noutstanding issues between the parties and reach this agreement", said Kevin\nBambrough, President and CEO of SRC. "We would like to thank all the other\nprincipal shareholders as well as management of PBS for their cooperation\nthroughout the process."\n\n\nAbout Sprott Resource Corp.\n\n\nSRC is a Canadian based company, the primary purpose of which is to\ninvest, directly and indirectly, in natural resources. Through acquisitions,\njoint ventures and other investments, SRC seeks to provide its shareholders\nwith exposure to the natural resource sector for the purposes of capital\nappreciation ...