Sprott Resource Corp. announced that it has purchased 45,289,000 common shares of Waseca Energy Inc. for $27,173,400 ($0.60 per share), as part of a larger private placement of 52,199,589 common shares completed by Waseca. SRC holds 79.72% of the outstanding common shares of Waseca.
"We are pleased to partner with an experienced oil and gas exploration and development team that has had historical success at growing production," said Kevin Bambrough, SRC President & CEO.
"We believe that with financing in place, especially at a time when financing is not available for most, the Waseca team is well positioned to explore and develop its existing land base and add to it through additional acquisitions. We also have the ability to provide additional capital to Waseca if larger, attractive acquisition opportunities arise."
Waseca President and Chief Operating Officer, Michael Watson, commented, "We are extremely pleased to have SRC as our major shareholder, a firm whose expertise as an investor in the resource sector is well recognized. We look forward to the challenge of delivering value to all of our shareholders." -- www.cnxmarketlink.com
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
