TORONTO, Sept. 2, 2014 /CNW/ - Sprott Inc. ("Sprott") and Exploration Capital Partners 2008 Limited Partnership ("Explo 2008") announce that on September 1, 2014 they acquired, through a share sale agreement with BHP Minerals Holdings Pty Ltd, 37,577,126 ordinary shares of Heron Resources Limited ("Heron"), an Australian Securities Exchange listed company (representing approximately 10.41% of the issued and outstanding ordinary shares), at a price of AUD$0.12 (CAD$0.12174) per ordinary share for gross proceeds of AUD$4,509,255 (CAD$4,574,639) (the "Transaction"), of which 27,577,126 ordinary shares are held by Sprott (representing approximately 7.6% of the currently issued and outstanding ordinary shares), and 10,000,000 ordinary shares are held by Explo 2008 (representing approximately 2.8% of the currently issued and outstanding shares).
Sprott has direct or indirect beneficial ownership or control over 27,813,178 ordinary shares (representing approximately 7.7% of the issued and outstanding ordinary shares), and may be considered to be a joint actor of Explo 2008 for purposes of this Transaction.
Explo 2008 has beneficial ownership over 10,000,000 ordinary shares (representing approximately 2.8% of the issued and outstanding ordinary shares), and may be considered to be a joint actor of Sprott for purposes of this Transaction.
The ordinary shares were acquired for investment purposes. Sprott and Explo 2008 may increase or decrease their investment in Heron depending on market conditions or any other relevant factors.
A copy of an "Early Warning Report" filed with the applicable Canadian securities regulatory authorities will be available under Heron's profile at www.sedar.com and may also be obtained by contacting Peter Grosskopf, the Chief Executive Officer of Sprott, at (416) 362-7172.
SOURCE Sprott Inc.
For further information: Sprott at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2700, Toronto, Ontario M5J 2J1.