TORONTO, Nov. 07, 2016 (GLOBE NEWSWIRE) -- Sprott Resource Corp. (“SRC”) (TSX:SCP) announced today that it has acquired, through Sprott Resource Partnership (“SRP”), beneficial ownership of 6,728,119 common shares (“Common Shares”) of InPlay Oil Corp. (“New InPlay”), which represents approximately 10.8% of the total issued and outstanding Common Shares.
The Common Shares were acquired pursuant to a previously announced plan of arrangement completed on November 7, 2016 (the “Arrangement”). Prior to the Arrangement, SRC, through SRP, owned 33,333,334 subscription receipts and 18,302,272 common shares of the former InPlay Oil Corp. (a predecessor of New InPlay) and no securities of Anderson Energy Inc. (a predecessor of New InPlay).
SRC acquired, through SRP, beneficial ownership of the Common Shares for investment purposes. SRC may, directly or indirectly, purchase, and subsequently sell, securities of New InPlay in the future on the open market, in private transactions or otherwise, depending on market conditions and other factors material to the investment decisions of SRC.
In addition, SRC may engage in communications with management of New InPlay, one or more shareholders of New InPlay, one or more other members of the board of directors (the “Board”) of New InPlay (and/or committees thereof) and/or one or more representatives of New InPlay regarding New InPlay, including but not limited to its operations, business, results, plans, strategy, existing and new markets and customers, budgets, prospects, ownership structure, management team composition, and other ideas regarding Board composition, management, and SRC’s investment in New InPlay.
New InPlay’s head office is located at #920, 640 – 5th Ave SW, Calgary, AB T2P 3G4.
About Sprott Resource Corp.
SRC is a publicly-listed private equity firm focused on the natural resource sector. The company currently has investments in energy exploration, production and services, mining and agriculture. SRC creates value for its investors by applying a disciplined investment process to deploy capital while managing risk within highly cyclical sectors. SRC is a business builder that is committed to being a value-added partner with proven management teams. SRC supports its investments through active management and the provision of long-term capital, as well as strategic, financial and governance oversight. Founded in 2007, the Company is based in Toronto, Canada and is managed by an experienced team of private equity specialists, supported by the technical and investment resources of Sprott Inc. and its subsidiaries and affiliates. Management of SRC is dedicated to generating long-term superior returns on capital for its shareholders, while focusing on risk management and real wealth preservation. SRC is incorporated under the Canada Business Corporations Act. To learn more, please visit www.sprottresource.com.
Forward-Looking Information and Statements
Certain statements in this press release contain forward-looking information (collectively referred to herein as the “Forward-Looking Statements”) within the meaning of applicable securities laws. In particular, this news release contains Forward-Looking Statements pertaining to SRC’s and SRP’s future intentions regarding the purchase or sale of securities of New InPlay and communications with respect to New InPlay. Forward-Looking Statements are based on a number of expectations or assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although SRC believes the expectations and assumptions reflected in such Forward-Looking Statements are reasonable, undue reliance should not be placed on Forward-Looking Statements because SRC can give no assurance that such expectations and assumptions will prove to be correct. The Forward-Looking Statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors, which may cause actual results or events to differ materially from those anticipated in such Forward-Looking Statements, including, without limitation, those listed under the heading "Risk Factors" in SRC’s annual information form dated March 4, 2016. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the Forward-Looking Statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the Forward-Looking Statements contained in this news release.
The Forward-Looking Statements contained in this news release speak only as of the date of this news release, and SRC does not assume any obligation to publicly update or revise any of the included Forward-Looking Statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
For further information or to obtain a copy of SRC’s early warning report filed pursuant to National Instrument 62-103 with respect to the purchase, please contact:
Director of Communications
Sprott Resource Corp.
Source: Sprott Resource Corp.