Sprott Resource Corp. announces completion of amalgamation of its Mantaro Phosphate Project with Stonegate Minerals

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[{"type":"text","content":"\n\n\n\nTORONTO, Aug. 19 /CNW/ - (TSX:SCP) - Sprott Resource Corp. ("SRC") today\nannounced that its subsidiary, which indirectly holds SRC's interest in the\nMantaro Phosphate Project ("Holdco"), has amalgamated with Stonegate Minerals\nLtd. SRC previously announced its intention to amalgamate Holdco with\nStonegate (see press release dated July 15, 2008). The amalgamated company has\nbeen named Stonegate Agricom Ltd. ("Stonegate Agricom").\n\n\nSRC owns approximately 79 percent of the outstanding shares of Stonegate\nAgricom, with the balance owned by former Stonegate shareholders and\nparticipants in a private placement that was completed by Stonegate Agricom\nimmediately following the amalgamation. Stonegate Agricom has approximately\n$7.4 million in working capital, all of which has been provided by Stonegate\nand the participants in the private placement.\n\n\nThe key principals of Stonegate, Ian McDonald and Kerry Knoll, will serve\nas directors of Stonegate Agricom. SRC has signed a voting agreement with\nStonegate Agricom, under which it has agreed to vote its shares for a period\nof three years in favour of each nominee to the board of directors of\nStonegate Agricom proposed by management of Stonegate Agricom, subject to SRC\nhaving one representative on the board of directors and certain other\nconditions.\n\n\nMark Ashcroft will serve as President and CEO of Stonegate Agricom. Mr.\nAshcroft graduated from Laurentian University with a Bachelor of Engineering\n(Mining) and holds a Master's degree in Finance from the ISMA Centre at the\nUniversity of Reading. Mr. Ashcroft's mining experience was gained in North\nand South America and Australia. Following completion of his Master's degree\nhe has advised on, and arranged, debt and equity financing for a wide range of\nglobal mining projects. Mr. Ashcroft is a Professional Engineer in the\nProvince of Ontario.\n\n\nWilliam Jupp will serve as Chief Financial Officer of Stonegate Agricom.\nMr. Jupp is a Chartered Accountant with over 25 years of financial and\nmanagement experience with publicly-traded companies in Canada and the United\nStates. During his career, he has worked with public companies in real estate,\nmining, and oil and gas. From 1995 to 2006, he was with Trizec Canada Inc.\n(and its predecessor corporations) where he served as...

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