Sprott Resource Corp. announces completion sale of shares of PBS Coals Limited

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[{"type":"text","content":"\n\n\n\nTORONTO, Sept. 24 /CNW/ - Sprott Resource Corp. ("SRC") announced today\nthat it has completed its previously announced sale of 17,050,000 common\nshares of PBS Coals Limited to holders of subscription receipts of PBS Coals\nCorporation and an affiliate, which were issued on July 31, 2008. SRC has\nreceived net proceeds after commissions of $97,507,445 from the completion of\nthis sale. The proceeds of this previously announced sale had been held in\nescrow pending the completion of the business combination between PBS Coals\nLimited and Penfold Capital Acquisition Corporation, which became effective\ntoday (see press release dated July 31, 2008).\n\n\nSRC continues to hold 27,144,938 (19.9%) of the common shares of PBS\nCoals Limited. The common shares of PBS Coals Limited are listed for trading\non the Toronto Stock Exchange under the symbol "PBS".\n\n\nAs previously announced on August 22, 2008, SRC has signed an irrevocable\nlock-up agreement to tender all of its remaining common shares of PBS Coals\nLimited into the offer by a subsidiary of Severstal Resources to purchase all\nof the common shares of PBS Coals Limited (the "Offer") at a price of $8.30.\nThe Offer, which is subject to certain conditions, is open until October 10,\n2008, unless withdrawn or extended in accordance with its terms.\n\n\nAbout Sprott Resource Corp.\n\n\nSRC is a Canadian based company, the primary purpose of which is to\ninvest,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 may be identified by wor...

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