Sprott Resource and Adriana Resources to Hold Conference Call to Discuss Proposed Business Combination
TORONTO, Dec. 02, 2016 (GLOBE NEWSWIRE) -- Sprott Resource Corp. (“SRC”) (TSX:SCP) and Adriana Resources Inc. (“ADI”) (TSX-V:ADI) today announced that they will host a conference call on Tuesday, December 6, 2016 at 11:00am ET to discuss the proposed business combination of SRC and ADI and concurrent private placement announced on November 29, 2016. The call will be hosted by SRC CEO, Steve Yuzpe and ADI CEO, Michael Harrison.
Conference Call Details
To participate in the call, please dial (877) 930-8292 ten minutes prior to the scheduled start of the conference call, and provide conference ID: 32216328. A taped replay of the conference call will be available until Tuesday, December 13, 2016 by calling (855) 859-2056, conference ID 32216328. The conference call will be webcast at www.sprottresource.com and http://edge.media-server.com/m/p/xcr9toca
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 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. To learn more, please visit www.sprottresource.com.
About Adriana Resources Inc.
Adriana Resources Inc. owns 40% of the Lac Otelnuk iron ore project in Northern Quebec. Adriana’s 60% joint venture partner in Lac Otelnuk Mining Ltd. (“LOM JV”) is WISCO International Resources & Investment Limited, a subsidiary of Bao Wu Steel Ltd. In April 2015, the LOM JV published a NI43-101 compliant Technical Report on the feasibility of the Lac Otelnuk project. Adriana reported a cash position of $28.6 million as at September 30, 2016. The LOM JV is currently on care and maintenance, and the JV has a cash position of $7.9 million as of September 30, 2016. Adriana has a Board of Directors and management team with extensive experience in the resource sector and has been undertaking a strategic review of opportunities to create shareholder value while the LOM JV project is on care and maintenance.
Source: Sprott Resource Corp.
Director of Communications
Sprott Group of Companies
Chief Executive Officer
Adriana Resources Inc.
Sprott Resource Corp.