Business
Sprott Resource Corp. Announces Completion of $15 Million Strategic Financing by its Subsidiary One Earth Farms Corp.
Sprott Resource Corp. Announces Completion of $15 Million Strategic Financing by its Subsidiary O...
About this update from Winchester Equity Corporation
[{"type":"text","content":"\n\n\n\nDec. 23, 2009 (Canada NewsWire Group) -- TORONTO, Dec. 23 /CNW/ -- (TSX: SCP) - Sprott Resource Corp. (\"SRC\") announced today that its subsidiary One Earth Farms Corp. (\"One Earth Farms\") has completed a $15 million strategic financing pursuant to which it has issued 15 million common shares at $1 per common share. SRC owns 30 million common shares in One Earth Farms. As a result of the completion of the Private Placement, SRC's undiluted ownership interest in One Earth Farms has been reduced to 66.67%. SRC also has 30 million common share purchase warrants in One Earth Farms exercisable at $1 per common share purchase warrant.Subscribers to the private placement include Ag Growth International (TSX:AFN), a leading manufacturer of portable and stationary grain handling, storage and conditioning equipment, Alliance Grain Traders (TSX:AGT), the largest lentil and pea splitting company in the world and CAPE Fund LP (\"CAPE Fund\"), a $50 million private-sector investment fund founded by the family of the Right Honourable Paul Martin and 21 large corporations, international foundations and individuals, which is focused on opportunities with a strong degree of Aboriginal involvement and connection to Aboriginal communities throughout Canada.\"We are pleased that these investors share the vision of One Earth Farms and look forward to One Earth Farms achieving its growth and profitability objectives,\" said Kevin Bambrough, President and CEO of SRC. \"One Earth Farms intends to continue to develop strategic relationships with agricultural industry businesses, investors and funds.\"SRC is also pleased to announce that One Earth Farms has signed a memorandum of understanding with CNH Canada, Ltd. (\"Case IH\") pursuant to which One Earth Farms and Case IH have agreed to work towards a Strategic Equipment Alliance Agreement, which is intended to create a mutually beneficial business relationship for purposes of increasing profitability through gains in productivity, utilization of the latest technology, optimized training and improvements to various processes.As part of CAPE Fund's investment, Peter Forton will be joining the board of directors of One Earth Farms. Mr. Forton brings a broad spectrum of experience to the board from seed stage ventures through to later stage buyout and expansion financings at both national and re...