Sprott Resource Corp. announces pricing of PBS Coals Corporation offering

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[{"type":"text","content":"\n\n\n\nTORONTO, July 16 /CNW/ - (TSX: SCP) - Sprott Resource Corp. ("SRC")\nannounced today that it has received a letter from the syndicate of agents\n(the "Agents") for the PBS Coals Corporation ("PBS") private placement\ninforming SRC that they have priced the PBS private placement at $6.00 per\nsubscription receipt. The Agents have confirmed and allocated orders for\n35,716,000 subscription receipts for a total offering size of $214,296,000.\nThe Agents have indicated that the offering was substantially oversubscribed\nand features a list of well-known international institutional investors.\nAssuming that the offering described above and the Talbot Group of Australia\npurchase (see press release dated June 27, 2008) both close as planned, SRC\nhas received confirmation from the Agents that it will have sold, in the\naggregate, approximately 17.05 million shares of PBS leaving it with an\nestimated 19.9 percent shareholding (or 27.14 million shares) in PBS.\n\n\n"We would like to thank the Agents for their efforts in respect of the\noffering," stated Kevin Bambrough, President and CEO of SRC. "We would also\nlike to thank PBS management and the directors PBS for their efforts to date\nand for the opportunity to participate as an investor in PBS. We will remain\nstrong supporters of PBS and look forward to PBS realizing its growth\npotential."\n\n\nThe offering is expected to close on July 31, 2008, with proceeds held in\nescrow until closing of the Penfold Acquisition Corp. amalgamation, expected\non or before August 28, 2008. The closing of the offering is subject to due\ndiligence, execution of the agency agreement between PBS, the selling\nshareholders and the Agents, and standard material change clauses.\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....

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