Competition - Sprott acquires HDG sharesTORONTO, Nov. 19 /CNW/ - (TSX:SCP) - Sprott Resource Corp. ("SRC")
acquired beneficial ownership of 775,500 common shares (the "Common Shares")
of High Desert Gold Corporation (TSX:HDG), representing approximately 1.89% of
the outstanding Common Shares, on November 18, 2008 through the facilities of
the Toronto Stock Exchange at a price of $0.1898 per Common Share. SRC
previously acquired beneficial ownership of 100,000 Common Shares (or
approximately 0.24% of the outstanding Common Shares) on November 14, 2008 at
a price of 0.19 per Common Share. These Common Shares are held through SRC's
discretionary managed account with Sprott Asset Management Inc. Sprott Asset
Management Inc. is the portfolio manager of the managed account and exercises
control and direction over the Common Shares.
With these newly acquired Common Shares, SRC holds 6,875,500 Common
Shares (or approximately 16.75% of the outstanding Common Shares) of which
3,875,500 (or approximately 9.44% of the outstanding Common Shares) are held
in the managed account controlled and directed by Sprott Asset Management Inc.
These newly acquired Common Shares were acquired beneficially through SRC's
managed account for investment purposes. SRC, directly or through the managed
account, may acquire additional Common Shares depending on market conditions
and other relevant factors.