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UPDATE: Sprott Resource Corp Up 7% as Moves To Repurchase Up To 9M Shares

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Sprott Resource Corp (SCP.TO) said on Tuesday it plans over the next year to repurchase up to 9 million of its common shares, representing approximately 9.87% of the unrestricted public float of SRC and approximately 7.96% of the total number of issued and outstanding shares.

"SRC believes that its shares have been trading in a price range that does not adequately reflect the value of the shares in relation to SRC's assets and future prospects. As a result, SRC believes that, at appropriate times, repurchases through the bid can enhance shareholder value and represents an attractive investment and an appropriate use of SRC's financial resources," the company said in a statement.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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