August 30, 2011 / 12:22 PM / 7 years ago

UPDATE 1-Sprott Resource to buyback up to 9 mln shares

TORONTO, Aug 30 (Reuters) - Sprott Resource Corp SCP.TO said on Tuesday it plans to repurchase almost 8 percent of its outstanding common shares, in a moved aimed at boosting its share price and increasing shareholder value.

The Toronto-based company said it plans to buyback up to 9 million of its common shares, over the course of the coming 12 months.

Sprott said it believes that its shares have been trading in a price range that does not adequately reflect the value of the shares in relation to the company’s assets and its future prospects.

Sprott primarily invests both directly and indirectly in natural resource assets via joint ventures, acquisitions and other investments.

The company’s shares closed at C$4.84 on Monday on the Toronto Stock Exchange. (Reporting by Euan Rocha)

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