TORONTO - Sprott Resource Corp. (TSX:SCP) says it had net earnings of nearly $7 million or $13 cents a share for the second quarter.
The bottom line includes nearly $5 million in equity earnings of PBS Coals Corporation and $3.17 million in gains on the sale of investments, the Toronto investment company said Friday.
Working capital at the end of the second quarter was at $58.1 million, an increase of just under $25 million from the end of the previous quarter, reflecting a warrant incentive program during the period.
"The successful completion of the warrant incentive program and the sale of a portion of our PBS shares leaves us in a very strong financial position," said Kevin Bambrough, CEO of Sprott Resource. "With a strong capital base, we intend to take advantage of the existing market conditions to continue to acquire properties and investments at attractive valuations."
Sprott Resource, a company in the Sprott Asset Management Group, invests in natural resources companies.
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