Sprott Molybdenum Participation Corporation Announces Normal Course Issuer Bid




    
    /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
    UNITED STATES/
    

    TORONTO, Aug. 12 /CNW/ -(TSX: MLY, MLY.WT) - Sprott Molybdenum
Participation Corporation (the "Corporation") announces a normal course issuer
bid. The Corporation intends to purchase, through the facilities of the
Toronto Stock Exchange ("TSX"), up to 2,340,391 common shares of the
Corporation ("Shares") representing approximately 10% of the unrestricted
public float. The unrestricted public float of the Corporation as of August 5,
2008 was 23,403,912 Shares. The Corporation may purchase up to 806,214 Shares
in any 30 day period which is 2% of the 40,310,712 issued and outstanding
Shares as at August 5, 2008.
    The Shares may be purchased for cancellation commencing on August 14,
2008 through to August 13, 2009 through the facilities of the TSX and may be
purchased when the net asset value per Share exceeds its trading price. A
Notice of Intention to Make a Normal Course Issuer Bid has been accepted by
the TSX effective as of August 12, 2008.
    The purpose of the normal course issuer bid is to provide the Corporation
with a mechanism to decrease the potential spread between the net asset value
per Share and the market price of the Shares. For the period August 14, 2007
to August 5, 2008, 4,177,600 Shares were purchased by the Corporation under
its normal course issuer bid at a weighted average trading price of
$4.56 per Share (excluding commission charges).

    About Sprott Molybdenum Participation Corporation

    The Corporation is an investment holding company created to invest in
molybdenum assets. The primary investment objective of the Corporation is to
achieve capital appreciation by investing in securities of private and public
companies that explore for, mine and/or process molybdenum and by investing
in, holding, selling and otherwise transacting in all commercial forms of
molybdenum. It is not an investment strategy of the Corporation to actively
speculate with regards to short-term changes in molybdenum prices. The
Corporation's investment mandate will provide investors with several benefits.
It will provide investors with the opportunity to invest in commercial forms
of molybdenum, which is currently unavailable through an exchange. In
addition, it will provide investors with a diversified portfolio of securities
of private and public companies that explore for, mine and/or process
molybdenum.

    No securities regulatory authority has either approved or disapproved of
the contents of this news release. The securities being offered have not been
and will not be offered or sold in the United States or to, or for the account
or benefit of, a "U.S. person", as such term is defined in Regulation S under
the United States Securities Act of 1933, as amended. This news release is for
information purposes only and does not constitute an offer to sell or a
solicitation of an offer to buy any of these securities in the United States.





For further information:

For further information: please contact Investor Services at
1-888-362-7172

Organization Profile

SPROTT MOLYBDENUM PARTICIPATION CORP.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890