Business
Sprott Resource Corp. Announces 2014 Second Quarter Results
TORONTO , Aug. 11, 2014 /CNW/ - (TSX: SCP) - Sprott Resource Corp. ("SRC" or the "Compa...
About this update from Winchester Equity Corporation
[{"type":"text","content":"\n\nTORONTO, Aug. 11, 2014 /CNW/ - (TSX: SCP) - Sprott Resource Corp. (\"SRC\" or the \"Company\") today announced its financial results for the three and six-months ended June 30, 2014.  \n\nQ2 Highlights\n\n\nNet Asset Value (\"NAV\") at June 30, 2014 of $376.9 million ($3.84 per share) compared to December 31, 2013 of $366.2 million ($3.71 per share).\nFor the three-months ended June 30, 2014, the Company recorded a net loss of $1.0 million ($0.01 loss per basic and diluted share) compared to a net loss of $72.6 million ($0.72 loss per basic and diluted share) for the three-months ended June 30, 2013.\nIn May 2014, SRC completed a sale of approximately one third of its holdings in Long Run Exploration, Ltd. (\"Long Run\") for net proceeds before tax of $64.3 million.\nIn June 2014, SRC invested $19.5 million in InPlay Oil Corp. (\"InPlay\"), a Calgary-based private exploration and development company focused on building a large, low decline, liquids-focused asset base in Alberta.\nSubsequent Events\n\n\nIn July, SRC agreed to invest $36.2 million in Corsa Coal Corp. (\"Corsa\") to fund its strategic acquisition of PBS Coals Ltd. (\"PBS Coals\")\nPortfolio company, Independence Contract Drilling (\"ICD\") completed its Initial Public Offering on the New York Stock Exchange\n\"We have been very active so far in 2014, executing a number of transactions to diversify and grow our investment portfolio while creating value for our shareholders,\" said Steve Yuzpe, President and Chief Executive Officer of Sprott Resource Corp. \"In May, we completed the sale of approximately one third of our Long Run holdings for net proceeds before tax of $64.3 million. We continue to own 23 million shares of Long Run, a position that will generate more than $9.5 million in dividend income annually.\"\n\n\"In June, we invested $19.5 million in InPlay, a Calgary-based private exploration and development company focused on building a large, low decline, liquids-focused asset base in Alberta,\" continued Mr. Yuzpe. \"InPlay is led by an experienced management team with excellent technical skills and is supported by strong capital partners including JOG Capital and other global funds.\"\n\n\"Our portfolio has returned 6.4% since the beginning of the year and 1.4% in the three-months ended June 30, 2014. Our net asset value per share&...