Sprott Resource (TSX: T.SCP, Stock Forum) late Friday said it has acquired ownership of 6,587,672 common shares of Virginia Energy Resources (TSX: V.VUI, Stock Forum), which represents approximately 19.9% of the total issued and outstanding common shares of the company.
Before this deal was announced Sprott Resource said it owned 32,906,842 non-voting common shares of VA Uranium Holdings, Inc. and 6,084,999 common shares of Virginia Energy Resources.
Virginia Energy Resources has assets that include a 100% interest in the Coles Hill uranium project in Virginia, as well as uranium exploration properties in the Otish Basin of Quebec. The company has 34,213,047 fully-diluted shares outstanding as of September 27.