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Press release from Marketwire

Sprott Power Corp. and First Asset PowerGen Fund Announce Completion of Merger

Tuesday, February 01, 2011

Sprott Power Corp. and First Asset PowerGen Fund Announce Completion of Merger08:47 EST Tuesday, February 01, 2011TORONTO, ONTARIO--(Marketwire - Feb. 1, 2011) - Sprott Power Corp. ("Sprott Power") and First Asset PowerGen Fund (TSX:PGT.UN) (the "Fund") today announced that the combination of Sprott Power and the Fund has been completed effective January 31, 2011 pursuant to the previously announced plan of arrangement (the "Arrangement"). The combined company will also be named "Sprott Power Corp." ("New Sprott Power"). Unitholders of the Fund ("Fund Unitholders") received 5.35402342 New Sprott Power common shares ("New SPC Shares") for each unit of the Fund ("Fund Unit") held and Sprott Power shareholders ("SPC Shareholders") received one New SPC Share for each Sprott Power common share ("SPC Share") held. All warrants of Sprott Power were exchanged for warrants of New Sprott Power and all options of Sprott Power were exchanged for options of New Sprott Power, on the same basis as the SPC Shares. The New SPC Shares will be listed under the symbol "SPZ" on the Toronto Stock Exchange (the "TSX") and are expected to commence trading on the TSX effective from February 3, 2011.CIBC World Markets Inc. acted as exclusive financial advisor to the Fund in connection with the Arrangement.About Sprott Power Corp.New Sprott Power is a Canadian-based company dedicated to the development and financing of renewable energy projects. Through acquisitions, partnerships and joint ventures, New Sprott Power seeks to provide its shareholders with exposure to the power generation sector. New Sprott Power is managed by Sprott Power Consulting LP, of which Sprott Consulting LP, a business unit of Sprott Inc. (TSX:SII), is the sole limited partner.Forward-Looking StatementsCertain statements contained herein may constitute "forward-looking statements" which reflect the current expectations of the Fund and Sprott Power. These statements reflect First Asset Investment Management Inc.'s ("First Asset") and Sprott Power's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements in this press release include, but are not limited to, statements with respect to the listing of the New SPC Shares on the TSX. Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions, including with respect to the listing of the New SPC Shares on the TSX. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements including, without limitation, risks listed under the heading "Risk Factors" in the joint information circular of Sprott Power and the Fund dated December 14, 2010. 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 release. Although the forward-looking statements contained in this release are based upon what First Asset and Sprott Power believe to be reasonable assumptions, management cannot assure investors that actual results, performance or achievements will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and First Asset and Sprott Power do not assume any obligation to update or revise them to reflect new events or circumstances, except as required by law.FOR FURTHER INFORMATION PLEASE CONTACT: Sprott PowerEnquiries:Jeff Jennerjjenner@sprottpower.comwww.sprottpower.com