Business
Sprott Resource Corp. Agrees to Acquire Stake in Private Uranium Company
Sprott Resource Corp. Agrees to Acquire Stake in Private Uranium Company
About this update from Winchester Equity Corporation
[{"type":"text","content":"\n\n\n\n Nov. 9, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTORONTO, Nov. 9 /CNW/ - (TSX: SCP) - Sprott Resource Corp. ("SRC") today announced that it has agreed,\n subject to the execution of definitive agreements, board approval and\n all necessary regulatory approvals, to purchase a 19.9% interest in VA\n Uranium Holdings Inc. ("VAUH"), a private company and sole shareholder\n of Virginia Uranium, Inc. ("Virginia Uranium"), which operates the\n Coles Hill Uranium Project in Virginia, U.S.A.  Virginia Energy\n Resources Inc. (TSXV:VAE) ("Virginia Energy") owns 28.5% of the\n outstanding shares of VAUH and has a right, if exercised within 90 days\n of the closing of SRC's financing, to invest in VAUH on the same terms\n as SRC so as to maintain its current 28.5% ownership position in VAUH.\n\n\nKevin Bambrough, CEO of Sprott Resource Corp. commented: "This is an\n exciting project - one of only a handful of very large undeveloped\n uranium projects with compelling economics.  The world needs more\n uranium production and a resource of this size is simply too important\n from a geopolitical perspective to remain idle.  We look forward to\n providing the financial and strategic support necessary to see this\n project through to success."\n\n\nVirginia Energy's CEO and President, Walter Coles Jr. commented: "We are\n delighted to have Sprott Resource Corp. as a partner in the project. \n The Sprott or...