Sprott Resource Corp. Announces Sale of 17.05 Million Shares of PBS Coals Corporation

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[{"type":"text","content":"\n\n\n\nTORONTO, July 31 /CNW/ - (TSX: SCP) - Sprott Resource Corp. ("SRC") today\nannounced that it has sold into escrow 17,050,000 shares of PBS Coals\nCorporation ("PBS"), as part of a treasury and secondary offering of\n35,716,000 Subscription Receipts (each a "Security") closed by PBS at a price\nof $6.00 per Security. SRC previously announced its intention to sell shares\nof PBS as part of the offering (see press release dated June 27, 2008). SRC\ncontinues to own 27,140,000 shares of PBS.\n\n\nEach Security effectively represents a right to receive a common share of\nPBS Coals Limited, the company to be formed from the business combination\nbetween PBS and Penfold Capital Acquisition Corporation ("Penfold"), upon the\noccurrence of release conditions including TSX approval and satisfaction of\nthe conditions to the PBS and Penfold business combination. The aggregate\nproceeds from the offering will be held in escrow pending the completion of\nthe business combination of PBS and Penfold.\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" or "forward-looking information" under applicable securities laws.\nSome of the forward-looking statements may be identified by words such as\n"expects", "anticipates", "should", "believes", "plans", and similar\nexpressions. These statements necessarily involve risk, including without\nlimitation, risks associating with the escrow release condi...

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