Sprott Resource Corp. announces completion of sale of PBS shares to Severstal

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[{"type":"text","content":"\n\n\n\nTORONTO, Nov. 6 /CNW/ - (TSX:SCP) - Sprott Resource Corp. ("SRC")\nannounced today the completion of its sale of 27,144,938 shares of PBS Coals\nLimited ("PBS") to 7027940 Canada Limited, an affiliate of OAO Severstal (the\n"Severstal") for $140,824,099 as part of Severstal's takeover bid to acquire\nall the issued and outstanding shares of PBS. As a result of the sale\ncompleted today and the prior sale of 17,050,000 PBS shares that was completed\non September 24, 2008, SRC has received $240,667,878 from the sale of\n44,194,938 PBS shares. SRC acquired the 44,194,938 PBS shares for\nUS$54,528,978. SRC no longer owns any PBS shares.\n\n\n"We are extremely pleased to be able to complete this transaction in this\nvery difficult market," stated Kevin Bambrough, President and CEO of SRC.\n"Given the current environment, we plan to continue to be very patient and\nconservative in redeploying our capital, the vast majority of which is held in\nshort-term Government of Canada treasury bills."\n\n\nAbout Sprott Resource Corp.\n\n\nSRC is a Canadian based company, the primary purpose of which is to\ninvest, directly and indirectly, in natural resources. Through acquisitions,\njoint ventures and other investments, SRC seeks to provide its shareholders\nwith exposure to the natural resource sector for the purposes of capital\nappreciation and real wealth preservation. SRC is well positioned to draw upon\nthe considerable experience and expertise of both its Board of Directors and\nSprott Consulting Limited Partnership (SCLP), of which Sprott Asset Management\nInc. is the sole limited partner. Pursuant to a management services agreement\nbetween SCLP and SRC, SCLP provides day-to-day business management for SRC as\nwell as other management and administrative services.\n\n\nForward Looking Statements\n\n\nCertain statements contained herein may constitute "forward-looking\nstatements" under applicable securities laws. Some of the forward-looking\nstatements can be identified by words such as "expects", "anticipates",\n"should", "believes", "plans", and similar expressions. These statements\nnecessarily involve risk. Actual results and future events could differ\nmaterially from those expressed in, or implied by, the forward-l...

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