RE: RE: RE: Due Diligencesprott still hold about 15,6 millions shares
Amount Beneficially Owned:
Sprott Asset Management LP: 9,865,380
Sprott Canadian Equity Fund: 5,813,097
(b) Percent of Class:
Sprott Asset Management LP: 11.8%
Sprott Canadian Equity Fund: 6.9%
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549SCHEDULE 13G/AUnder the Securities Exchange Act of 1934(Amendment No. 5)Royal Standard Minerals Inc.(Name of Issuer)Common Shares(Title of Class of Securities)780919106(CUSIP Number)December 31, 2009(Date of Event Which Requires Filing of this Statement)Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [ ]Rule 13d-1(b) [ X ]Rule 13d-1(c) [ ]Rule 13d-1(d)CUSIP No. 780919106.......................................1. NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Sprott Asset Management LP________________________________________________________________________________2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X]________________________________________________________________________________3. SEC USE ONLY________________________________________________________________________________4. CITIZENSHIP OR PLACE OF ORGANIZATION Ontario, Canada________________________________________________________________________________ NUMBER OF 5. SOLE VOTING POWER SHARES 0 _________________________________________________________________BENEFICIALLY 6. SHARED VOTING POWER OWNED BY 9,865,380 _________________________________________________________________ EACH 7. SOLE DISPOSITIVE POWER REPORTING 0 _________________________________________________________________ PERSON 8. SHARED DISPOSITIVE POWER WITH 9,865,380________________________________________________________________________________9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 9,865,380________________________________________________________________________________10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [_]________________________________________________________________________________11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 11.8%________________________________________________________________________________12. TYPE OF REPORTING PERSON* IA________________________________________________________________________________CUSIP No. 780919106.......................................1. NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Sprott Canadian Equity Fund________________________________________________________________________________2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X]________________________________________________________________________________3. SEC USE ONLY________________________________________________________________________________4. CITIZENSHIP OR PLACE OF ORGANIZATION Ontario, Canada________________________________________________________________________________ NUMBER OF 5. SOLE VOTING POWER SHARES 0 _________________________________________________________________BENEFICIALLY 6. SHARED VOTING POWER OWNED BY 5,813,097 _________________________________________________________________ EACH 7. SOLE DISPOSITIVE POWER REPORTING 0 _________________________________________________________________ PERSON 8. SHARED DISPOSITIVE POWER WITH 5,813,097 ________________________________________________________________________________9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,813,097 ________________________________________________________________________________10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [_]________________________________________________________________________________11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 6.9%________________________________________________________________________________12. TYPE OF REPORTING PERSON* OO________________________________________________________________________________Item 1. (a) Name of Issuer: Royal Standard Minerals Inc. (b) Address of Issuer's Principal Executive Offices: 3258 Mob Neck Road, Heathsville, VA 22473Item 2. (a) Name of Person Filing: Sprott Asset Management LP Sprott Canadian Equity Fund (b) Address of Principal Business Office: Sprott Asset Management LP: Suite 2700, South Tower, Royal Bank Plaza, Toronto, ON M5J 2J1 Sprott Canadian Equity Fund: Suite 2700, South Tower, Royal Bank Plaza, Toronto, ON M5J 2J1 (c) Citizenship: Sprott Asset Management LP: Canada Sprott Canadian Equity Fund: Canada (d) Title of Class of Securities: Common Shares (e) CUSIP Number: 780919106Item 3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b), check whether the person filing is a: (a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). (b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). (c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c). (d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8). (e) [ ] An investment adviser in accordance with ss. 240.13d-1(b)(ii)(E). (f) [ ] An employee benefit plan or endowment fund in accordance with ss. 240.13d-1(b)(1)(ii)(F). (g) [ ] A parent holding company or control person in accordance with ss. 240.13d-1(b)(1)(ii)(G). (h) [ ] A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813). (i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3). (j) [ ] Group, in accordance with ss. 240.13d-1(b)(1)(ii)(J).Item 4. Ownership (a) Amount Beneficially Owned: Sprott Asset Management LP: 9,865,380 Sprott Canadian Equity Fund: 5,813,097 (b) Percent of Class: Sprott Asset Management LP: 11.8% Sprott Canadian Equity Fund: 6.9% (c) Number of shares as to which such person has: (i) Sole power to vote or to direct the vote: Sprott Asset Management LP: 0 Sprott Canadian Equity Fund: 0 (ii) Shared power to vote or to direct the vote: Sprott Asset Management LP: 9,865,380 Sprott Canadian Equity Fund: 5,813,097 (iii) Sole power to dispose or to direct the disposition of: Sprott Asset Management LP: 0 Sprott Canadian Equity Fund: 0 (iv) Shared power to dispose or to direct the disposition of: Sprott Asset Management LP: 9,865,380 Sprott Canadian Equity Fund: 5,813,097 Item 5. Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following. [ ]Item 6. Ownership of More than Five Percent on Behalf of Another Person: N/AItem 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company: N/AItem 8. Identification and Classification of Members of the Group: N/AItem 9. Notice of Dissolution of Group: N/AItem 10. Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, Icertify that the information set forth in this statement is true, complete andcorrect. January 26, 2010 ------------------ Date SPROTT ASSET MANAGEMENT LP, by its General Partner, SPROTT ASSET MANAGEMENT GP INC. By: _____________________________ Name: /s/ Steven Rostowsky Title: Chief Financial Officer Sprott Canadian Equity Fund, by its Investment Manager, SPROTT ASSET MANAGEMENT LP By: _____________________________ Name: /s/ Steven Rostowsky Title: Chief Financial Officer