Sprott Resource Corp. Announces Holdings in Stonegate Agricom Ltd.

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[{"type":"text","content":"\n\n\nTORONTO, July 24, 2013 /CNW/ - Sprott Resource Corp. (\"SRC\") (TSX: SCP) announced today that, through Sprott Resource Partnership\n (\"SRP\"), it holds 70,950,462 common shares of Stonegate Agricom Ltd. (\"Stonegate\"), which based on information contained in documents publically filed\n by Stonegate, represents approximately 37.5% of the total issued and\n outstanding common shares of Stonegate (the \"Shares\").\n\n\nOn July 24, 2013, Stonegate completed a previously announced short form\n prospectus offering (the \"Offering\") of units (the \"Units\") of Stonegate.  The Offering was conducted by a syndicate of agents\n co-lead by GMP Securities L.P. and Cormark Securities Inc. and\n including BMO Capital Markets (collectively, the \"Agents\").   SRC, through SRP, acquired beneficial ownership of 12,500,000\n Units for a purchase price of $0.30 per Unit (the \"Offering Price\") pursuant to the Offering. Each Unit consists of one Share and one\n Share purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder thereof to purchase one Share\n at an exercise price of $0.40 per Share for a period of 24 months\n following the closing of the Offering. The Agents have the option to\n arrange for the sale of up to that number of additional Shares and/or\n Warrants as is equal in aggregate to 15% of the number of Units issued\n under the Offering during the 30 day period immediately following the\n closing of the Offering (the \"Over-Allotment Option\").\n\n\nPrior to this acquisition, SRC beneficially owned 58,450,462 Shares.\n Following completion of the Offering, SRC beneficially owns 70,950,462\n Shares, which based on information contained in documents publically\n filed by Stonegate, represents approximately 37.5% (or 36.5% if the\n Over-Allotment Option is exercised in full) of the issued and\n outstanding Shares.  SRC, through SRP, also acquired 12,500,000\n Warrants, which based on information contained in documents publically\n filed by Stonegate, represents approximately 37.5% (or 32.6% if the\n Over-Allotment Option is exercised in full) of the issued and\n outstanding Warrants.\n\n\nSRC acquired beneficial ownership of the Shares and Warrants for\n investment purposes. SRC may, directly or indirectly, purchase or sell\n securities of Stonegate in the future on the open market, in priva...

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