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From: B-Haile (eritrea.lave@comhem.se)
Date: Sat Dec 18 2010 - 11:10:50 EST
Proactive Investors - Leading source of Financial News, Investor
Sprott Asset Management boosts South Boulder Mines stake to 18.5% post placement
Friday, December 17, 2010
Sprott Asset Management now holds an 18.5% stake in South Boulder Mines (ASX: STB), up from 15.1%, after purchasing 3.5 million shares at $2.00 in a placement.
Sprott has been a strong supporter of South Boulder recently, after increasing its stake in both August and June this year.
South Boulder shares have recently been rallying due to continued near surface potash hits at the Colluli Potash Project, in Eritrea, with the shares last trading at $2.80.
The impact for Sprott is the recent $7 million investment through the placement is already 40% higher on paper, equivalent to a $2.8 million capital gain.
South Boulder remains well funded with working capital of $13.5 million, which includes the value of listed securities which are able to be liquidated
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