Business
Sprott Resource Corp. Announces Signing of Support Agreements in respect of the Acquisition of WestFire Energy Ltd. by Guide Exploration Ltd.
TORONTO, Aug. 9, 2012 /CNW/ - Sprott Resource Corp. (TSX: SCP) - Sprott Resource Corp. ("SR...
About this update from Winchester Equity Corporation
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Aug. 9, 2012 /CNW/ - Sprott Resource Corp. (TSX: SCP) - Sprott\n Resource Corp. (\"SRC\") announced today that, through Sprott Resource\n Partnership, it has entered into support agreements in respect of the\n recently announced acquisition of WestFire Energy Ltd. (\"WestFire\") by\n Guide Exploration Ltd. (\"Guide\"), pursuant to which it has agreed to\n vote its shares in WestFire and Guide in favour of and to support the\n transaction (the \"Transaction\"). The newly formed company will be named\n Long Run Exploration Ltd. (\"Long Run\").\n\n\n\"We believe that this transaction is in the best interests of both Guide\n and WestFire shareholders, as it creates a leading intermediate oil and\n gas company led by a top-tier management team and board of directors,\"\n said Kevin Bambrough, President & CEO of SRC.\n\n\nPursuant to the Transaction, Guide shareholders will receive an exchange\n ratio equal to 0.4167 of a WestFire common share for each Guide common\n share. SRC owns 13,153,936 common shares of WestFire and 15,512,858\n common non-voting shares of WestFire. In addition, SRC owns 16,769,477\n common shares of Guide.\n\n\nCompletion of the Transaction is subject to the satisfaction of a number\n of conditions, including the approval of the shareholders of each of\n WestFire and Guide.\n\n\nAbout Sprott Resource Corp. \n\n\nSRC is a Canadian-based company, the primary purpose of which is to\n invest and operate in natural resources.  Through acquisitions, joint\n ventures and other investments, SRC seeks to provide its shareholders\n with exposure to the natural resource sector for the purposes of\n capital appreciation and real wealth preservation. SRC is well\n positioned to draw upon the considerable experience and expertise of\n both its Board of Directors and Sprott Consulting Limited Partnership\n (SCLP), of which Sprott Inc. is the sole limited partner.  Pursuant to\n a management services agreement between SCLP and SRC, SCLP provides\n day-to-day business management for SRC as well as other management and\n administrative services.  SRC invests and operates through Sprott\n Resource Partnership (SRP), a partnership between SRC and Sprott\n Resource Consulting Limited Partnership, an affiliate of SCLP which is\n the managing partner of SRP.\n\n\nForward-looking informati...