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/R E P E A T -- Sprott Resource Corp. announces investment in PBS Coals Corporation by The Talbot Group/
TORONTO, June 27 /CNW/ - Sprott Resource Corp. ("SRC") is pleased to announce that The Talbot Gro...
About this update from Winchester Equity Corporation
[{"type":"text","content":"\n\n\n\nTORONTO, June 27 /CNW/ - Sprott Resource Corp. ("SRC") is pleased to\nannounce that The Talbot Group of Australia (the "Talbot Group") has agreed to\nmake a substantial, strategic investment in PBS Coals Corporation ("PBS"), a\ncorporation of which SRC owns 44,194,938 common shares (approximately 37%).\nPBS, and certain of its major shareholders, including SRC, have agreed to\nsell, and the Talbot Group has agreed to purchase, an equity position of\n19.9% in PBS at a price of $6.00 per share. SRC has committed to selling up to\n17,640,916 common shares of PBS. In addition, the Talbot Group has agreed to\npurchase shares representing 19.9% of the securities sold from treasury under\na proposed private placement, which is expected to be completed in the next\n30 days. The transaction with the Talbot Group is subject to customary\nconditions, including documentation and due diligence.\n\n\nCommenting on the transaction, Robert Scott, President of PBS stated: "We\nare delighted that the Talbot Group has decided to become a strategic investor\nin PBS. We thank Kevin Bambrough at SRC in particular for the introduction to\nKen Talbot and Dennis Wood and we look forward to continuing to build PBS with\nthe addition of their deep expertise in the coal industry."\n\n\nCommenting on the transaction, Kevin Bambrough, President and CEO of SRC,\nstated: "We are also very pleased that the Talbot Group has agreed to invest\nin PBS. The coal market is extremely exciting right now. The price of coal\ncontinues to move higher, with Rotterdam thermal coal futures for 2012 trading\nat US$193 per tonne, an increase of over US$70 per tonne in the past two\nmonths. This dramatic increase in the forward price of thermal coal points to\nexcellent long-term pricing for metallurgical coal."\n\n\nThe Talbot Group is a privately owned investment firm, which is the\ninvestment company of Ken Talbot. The Talbot Group is based in Brisbane,\nAustralia and is a leading investor and manager of coal assets on a global\nbasis. Ken Talbot was the founding shareholder of MacArthur Coal and served as\nthe CEO of MacArthur during its rapid growth to become the world's leading\nproducer of high quality PCI coal. Mr. Talbot recently resigned from the Board\nof Directors of MacArthur after negotiating strategic inve...