Sprott Moly Fund Expends $2.00 Per Share to Acquire 15,997,760 Shares of Inca Pacific
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 6, 2007) -
NOT FOR DISTRIBUTION IN THE UNITED STATES
Sprott Molybdenum Participation Corporation ("Sprott") announces that it
exercised its option yesterday to acquire 15,997,760 common shares of Inca
Pacific Resources Inc. (TSX VENTURE:IPR) ("Inca Shares") from RAB Special
Situations (Master) Fund Limited ("RAB") pursuant to the option agreement
previously announced (see Inca's news release dated May 28, 2007).
Sprott paid an aggregate purchase price of Cdn $2.00 to RAB for each Inca
Share. Of this amount, 50% was paid in cash and 50% was paid in common
shares of Sprott. A total of 2,712,312 Sprott shares were issued to RAB at
a price of $5.8982 per share, being the 20-day volume weighted average
price as at June 5, 2007.
Following exercise of the option, Sprott now owns 19,317,593 common shares
of Inca which represents approximately 53% of Inca's current issued and
outstanding share capital.
The Inca Shares acquired by Sprott are for investment purposes, and not
with a view of exercising control over Inca or being actively involved in
its management. Sprott also entered into a voting trust agreement with Inca
pursuant to which Sprott has agreed to vote any Inca Shares it holds in
excess of 20% of Inca's issued and outstanding share capital in favour of
matters Inca's management brings before its shareholders. The voting trust
agreement has a term of one year and is renewable for successive one year
terms.
INCA PACIFIC RESOURCES INC.
Anthony Floyd, President and Director
Standard & Poor's Listed
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Inca Pacific Resources Inc.
Bill Galine
Investor Relations
(604) 662-3922
Email: bgaline@incapacific.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. |
