TORONTO, June 21, 2019 (GLOBE NEWSWIRE) -- Sprott Resource Holdings Inc. (“SRHI”) announces that it beneficially owns and controls, indirectly 6,696,619 common shares (“Shares”) of InPlay Oil Corp., representing approximately 9.8% of the outstanding Shares on a non-diluted basis. This press release is being issued pursuant to Canadian early warning requirements because the disposition of shares, as described below, has resulted in SRHI’s beneficial holdings of Shares to decrease to below 10% of the outstanding Shares (as calculated pursuant to the early warning requirements).
On June 20, 2019, Sprott Resource Corp., a wholly-owned subsidiary of SRHI, disposed of 400,000 Shares over the Toronto Stock Exchange at an average price of $0.67 per Share ($268,214 total), representing approximately 0.6% of the outstanding Shares. Prior to this disposition, SRHI beneficially owned and controlled, indirectly, 7,096,619 Shares, representing approximately 10.4% of the outstanding Shares on a non-diluted basis.
The Shares were disposed of pursuant to SRHI’s previously announced efforts on divestment strategies for its non-core assets. SRHI has a short-term view of the investment and may sell further Shares including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. Depending on market conditions, general economic and industry conditions, InPlay Oil Corp.’s or SRHI’s business and financial condition and/or other relevant factors, SRHI may develop and revise its plans or intentions in the future, which could include a determination to hold its remaining investment in InPlay Oil Corp. or acquire further Shares.
InPlay Oil Corp. is located at 640 – 5th Avenue SW, Suite 920, Calgary, Alberta T2P 3G4. A copy of SRHI’s early warning report will appear on InPlay Oil’s profile on SEDAR at www.sedar.com and may also be obtained by contacting SRHI.
Sprott Resource Corp. (c/o Sprott Resource Holdings Inc.)
200 Bay Street, Suite 2600
Royal Bank Plaza, South Tower
Toronto, Ontario M5J 2J1
About Sprott Resource Holdings Inc.
SRHI acquires and grows a portfolio of cash-flowing businesses and businesses expected to cash flow in the natural resource sector. Based in Toronto, SRHI is part of the Sprott Group of Companies and seeks to deploy capital to provide our investors with exposure to attractive commodities. For more information about SRHI, please visit www.sprottresource.com.
For further information:
Glen Williams
Managing Director, Investor Relations
T: (416) 943-4394
E: gwilliams@sprott.com
