Sprott Resource Corp. announces Severstal extends expiration date for offer to purchase shares of PBS Coals Limited

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[{"type":"text","content":"\n\n\n\nTORONTO, Oct. 14 /CNW/ - Sprott Resource Corp. ("SRC") today announced\nthat the expiration date for the September 5, 2008 offer (the "Offer") by an\naffiliate of OAO Severstal ("Severstal") to purchase all of outstanding shares\nof PBS Coals Limited (TSX: PBS) has been extended by Severstal to 11:59 p.m.\n(Toronto time) on October 20, 2008. The terms of the Offer remain unchanged at\nC$8.30 cash per share. SRC owns 27,144,938 shares of PBS, which it has agreed\nto tender into the Offer.\n\n\nAccording to a news release issued by Severstal, the Offer has been\nextended to allow for the receipt of confirmation from the Committee on\nForeign Investment in the United States under the Exon-Florio Amendment to the\nDefense Production Act of 1950, as amended, that no second-stage investigation\nwill be initiated in respect of the joint application submitted by Severstal\nand PBS Coals Corporation.\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. Forward-looking statements, which are based on management's\ncurrent expectations and assumptions, involve a number of risks and\nuncertainties. Actual results or achievements could differ materially from\nthose expressed in, o...

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