12:03 PM EST - Lara Exploration Ltd. : reported that it has entered into a non-binding letter of intent to transfer to Sprott Resource Corp. its 0.5% royalty on the Mantaro Phosphate Project in Peru. In exchange, Lara will acquire Sprott's 50% interest in the Strategic Alliance formed with Lara in November 2008. In connection with this asset swap, Sprott will subscribe for about 1.33 million common shares of Lara at $0.75 per share in a private placement for proceeds of about $1 million. Completion of the acquisition and private placement are subject to board approval, execution of definitive documents and stock exchange approvals. Lara Exploration Ltd.
shares V.LRA are trading up $0.01 at $0.80.
