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

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.