TORONTO, July 28, 2014 /CNW/ - Sprott Resource Corp. ("SRC" or "the
Company") (TSX: SCP) announced today that its investee company,
Independence Contract Drilling, Inc. (NYSE: ICD), has launched its
initial public offering of 10,000,000 shares of common stock. The
shares are expected to trade on the New York Stock Exchange under the
ticker symbol "ICD." The underwriters of the offering will have a
30-day option to purchase up to an additional 1,500,000 shares from
Independence Contract Drilling to cover over-allotments, if any.
Morgan Stanley, RBC Capital Markets and Tudor, Pickering, Holt & Co. are
acting as book-running managers for the offering. Canaccord Genuity,
Capital One Securities, Cowen and Company, FBR, IBERIA Capital Partners
L.L.C. and Johnson Rice & Company L.L.C. are acting as co-managers. The
offering is being made only by means of a prospectus. Once it becomes
available, potential investors can obtain a prospectus that meets the
requirements of Section 10 of the Securities Act of 1933 from:
Morgan Stanley & Co. LLC
Attn: Prospectus Department
180 Varick Street, 2nd Floor
New York, NY 10014
RBC Capital Markets, LLC
Attn: Prospectus Department
Three World Financial Center
200 Vesey Street, 8th Floor
New York, New York 10281
Telephone: (877) 822-4089
Tudor, Pickering, Holt & Co. Securities, Inc.
Attn: Prospectus Department
Heritage Plaza
1111 Bagby, Suite 5100
Houston, TX 77002
Telephone: (713) 333-7100
When available, to obtain a copy of the prospectus free of charge, visit
the U.S. Securities and Exchange Commission's website, www.sec.gov, and search under the registrant's name, "Independence Contract
Drilling, Inc."
A registration statement relating to these securities has been filed
with the SEC, but has not yet become effective. These securities may
not be sold nor may offers to buy be accepted prior to the time the
registration statement becomes effective. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy the
securities, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such state or jurisdiction.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking information and
statements (collectively referred to herein as "Forward-Looking
Statements") within the meaning of applicable securities laws. The use
of any of the words "expect", "anticipate", "continue", "estimate",
"may", "will", "project", "should", "believe", "plans", "intends" and
similar expressions are intended to identify Forward-Looking
Statements. In particular, but without limiting the forgoing, this news
release contains Forward-Looking Statements pertaining to the proposed
initial public offering by Independence Contract Drilling, Inc.
("ICD"). Forward-Looking Statements are based on a number of
expectations or assumptions which have been used to develop such
information and statements but which may prove to be incorrect,
including, but not limited to the assumption that the market and
services rates for land-based contract drilling services will be
consistent with the current environment. Although Sprott Resource
Corp. ("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: (i) adverse
market conditions; (ii) ICD's ability to complete the proposed initial
public offering; (iii) the clearance by the relevant regulators of the
regulatory filings of ICD relating to the proposed initial public
offering; (iv) those risks listed under the heading "Risk Factors" in
SRC's annual information form dated March 25, 2014; and (v) other
risks, which are beyond the control of SRC or its subsidiaries. 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.
SOURCE Sprott Resource Corp.
