Monday, November 29, 2010

Coles Hill Uranium Project in Virginia: Sprott Resource Corp: 19.9% interest in VA Uranium Holdings Inc

Comment:  Keep up with the owners of the so call locally own Virginia Uranium Inc so later on we can........!

Sprott Resource Corp. Agrees to Acquire Stake in Private Uranium Company

TORONTO, Nov. 9 /CNW/ - (TSX: SCP) - Sprott Resource Corp. ("SRC") today announced that it has agreed, subject to the execution of definitive agreements, board approval and all necessary regulatory approvals, to purchase a 19.9% interest in VA Uranium Holdings Inc. ("VAUH"), a private company and sole shareholder of Virginia Uranium, Inc. ("Virginia Uranium"), which operates the Coles Hill Uranium Project in Virginia, U.S.A.

Virginia Energy Resources Inc. (TSXV:VAE) ("Virginia Energy") owns 28.5% of the outstanding shares of VAUH and has a right, if exercised within 90 days of the closing of SRC's financing, to invest in VAUH on the same terms as SRC so as to maintain its current 28.5% ownership position in VAUH.

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