Sprott Resource commences $67.7 mln secondary sale of Long Run shares
Long Run Exploration Ltd (TSX: LRE), a portfolio company of Canadian resource-focused private equity firm Sprott Resource Corp, has agreed to a secondary offering by Sprott of 12.6 million common shares at a price of $5.35 per share. The offering will generate gross proceeds of about $67.7 million, to be used by the firm for new investments. Upon completion of the offering, Sprott will hold approximately 18.3% of total common shares in the company. Based in Calgary, Long Run is an intermediate energy business focused on light-oil development and exploration.
1 May 2014•5 mins read
