Sprott Resource Corp. Completes Sale of its Subsidiary Waseca Energy Inc. to Twin Butte Energy Ltd.

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[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Nov. 1, 2012 /CNW/ - Sprott Resource Corp. (TSX: SCP) - Sprott\n Resource Corp. (\"SRC\") announced today that the previously announced sale of its subsidiary\n Waseca Energy Inc. (\"Waseca\") to Twin Butte Energy Ltd. (\"TBE\") has been completed (the \"Transaction\").\n\n\nThe consideration paid to SRC for the Transaction was comprised of\n approximately $55.1 million of cash and approximately 19.9 million\n common shares of TBE (the \"TBE Shares\").  Immediately subsequent to the completion of the Transaction, SRC\n sold all of the TBE Shares for approximately $56.6 million of cash,\n resulting in total cash consideration of approximately $111.7 million\n for the sale of Waseca. SRC invested approximately $44.2 million into\n Waseca.\n\n\n\"We are pleased to complete this transaction and want to thank the\n Waseca management team for their efforts over the past four years.  We\n would also like to specifically recognize the late CEO and co-founder\n Mike Watson for his dedication and contribution to Waseca's success.\"\n said Kevin Bambrough, Chief Executive Officer of SRC.\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 information and statements \n\n\nCertain statements contained herein may constitute \"forward-looking\n statements\" or \"forward looking information\" under applicable\n securities laws. Some of the forward-looking statements m...

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