Press Release
Sprott Resource Corp. announces that 7027940 Canada Limited succeeds in bid for shares of PBS
TORONTO, Nov. 4 /CNW/ - (TSX:SCP) - Sprott Resource Corp. ("SRC") announced today that 7027940 Canada Limited (the "Offeror") has announced that with all the conditions to its offer (the "Offer") for all the outstanding shares of PBS Coals Limited ("PBS") having been satisfied or waived, the Offeror has instructed the depositary to take up and accept for payment all PBS shares tendered to the Offer. The Offeror has indicated that it will provide the depositary with the funds necessary to make such payment on or before November 5, 2008. SRC owns 27,144,938 PBS shares, which it has tendered to the Offer. About Sprott Resource Corp. SRC is a Canadian based company, the primary purpose of which is to invest, directly and indirectly, in natural resources. Through acquisitions, joint ventures and other investments, SRC seeks to provide its shareholders with exposure to the natural resource sector for the purposes of capital appreciation and real wealth preservation. SRC is well positioned to draw upon the considerable experience and expertise of both its Board of Directors and Sprott Consulting Limited Partnership (SCLP), of which Sprott Asset Management Inc. is the sole limited partner. Pursuant to a management services agreement between SCLP and SRC, SCLP provides day-to-day business management for SRC as well as other management and administrative services. Forward Looking Statements Certain statements contained herein may constitute "forward-looking statements" under applicable securities laws. Some of the forward-looking statements can be identified by words such as "expects", "anticipates", "should", "believes", "plans", and similar expressions. These statements necessarily involve risk, including without limitation, risks associated the ability of the Offeror to complete payment for the shares tendered to the Offer. Actual results and future events could differ materially from those expressed in, or implied by, the forward-looking statements. No assurance can be given that any events anticipated by the forward-looking statements will occur. These forward-looking statements are made as at the date of this news release. SRC does not undertake any obligation to publicly update or revise any of these forward-looking statements, except as required by applicable securities laws.