Independence Contract Drilling Inc, a portfolio company of Canadian resource-focused private equity firm Sprott Resource Corp, has registered with the U.S. Securities and Exchange Commission for a possible initial public offering. Based in Houston, the company is a vertically integrated premium land drilling service provider. The Toronto-based Sprott first invested in Independence Contract Drilling in 2012, and currently holds a 31.7 percent ownership interest.
Sprott Resource Corp. Announces Filing of Registration Statement for Initial Public Offering by Independence Contract Drilling, Inc.
TORONTO, June 19, 2014 /CNW/ – Sprott Resource Corp. (“SRC” or “the Company”) (TSX: SCP) announced today that its investee company, Independence Contract Drilling, Inc. (“ICD”), has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (the “Commission”) for a possible initial public offering of shares of its common stock. The proposed offering is expected to commence subject to the review process of the Commission, and subject to market and other conditions.
Morgan Stanley and Barclays will act as the joint book-running managers for the proposed offering. The offering of common stock will be made only by means of a prospectus. When available, a written prospectus, which meets the requirements of Section 10 of the Securities Act of 1933, as amended, may be obtained by contacting Morgan Stanley, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; or by contacting Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by calling (888) 603-5847 or by emailing firstname.lastname@example.org.
A registration statement relating to the securities described in this news release has been filed with the Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Information and Statements
This news release contains certain forward-looking information and statements (collectively referred to herein as “Forward-Looking Statements”) within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify Forward-Looking Statements. In particular, but without limiting the forgoing, this news release contains Forward-Looking Statements pertaining to the proposed initial public offering by Independence Contract Drilling, Inc. (“ICD”). Forward-Looking Statements are based on a number of expectations or assumptions which have been used to develop such information and statements but which may prove to be incorrect, including, but not limited to the assumption that the market and services rates for land-based contract drilling services will be consistent with the current environment. Although Sprott Resource Corp. (“SRC”) believes the expectations and assumptions reflected in such Forward-Looking Statements are reasonable, undue reliance should not be placed on Forward-Looking Statements because SRC can give no assurance that such expectations and assumptions will prove to be correct. The Forward-Looking Statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors, which may cause actual results or events to differ materially from those anticipated in such Forward-Looking Statements, including, without limitation: (i) adverse market conditions; (ii) ICD’s ability to complete the proposed initial public offering; (iii) the clearance by the relevant regulators of the regulatory filings of ICD relating to the proposed initial public offering; (iv) those risks listed under the heading “Risk Factors” in SRC’s annual information form dated March 25, 2014; and (v) other risks, which are beyond the control of SRC or its subsidiaries. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the Forward-Looking Statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the Forward-Looking Statements contained in this news release. The Forward-Looking Statements contained in this news release speak only as of the date of this news release, and SRC does not assume any obligation to publicly update or revise any of the included Forward-Looking Statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
SOURCE Sprott Resource Corp.
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