Sprott Resource Corp announced today that it has completed its previously announced sale of 17,050,000 common shares of PBS Coals Limited to holders of subscription receipts of PBS Coals Corporation and an affiliate, which were issued on July 31, 2008.
SRC has received net proceeds after commissions of $97,507,445 from the completion of this sale. The proceeds of this previously announced sale had been held in escrow pending the completion of the business combination between PBS Coals Limited and Penfold Capital Acquisition Corporation, which became effective today (see press release dated July 31, 2008).
SRC continues to hold 27,144,938 (19.9%) of the common shares of PBS Coals Limited. The common shares of PBS Coals Limited are listed for trading on the Toronto Stock Exchange under the symbol "PBS".
As previously announced on August 22, 2008, SRC has signed an irrevocable lock-up agreement to tender all of its remaining common shares of PBS Coals Limited into the offer by a subsidiary of Severstal Resources to purchase all of the common shares of PBS Coals Limited at a price of $8.30. The Offer, which is subject to certain conditions, is open until October 10, 2008, unless withdrawn or extended in accordance with its terms. -- www.cnxmarketlink.com
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