Press release from CNW Group
Sprott Inc. Announces Launch of New Investment Fund and Non-Brokered Private Placement
Friday, March 08, 2013
/NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION THROUGH U.S. NEWS WIRE SERVICES/
TORONTO, March 8, 2013 /CNW/ - Sprott Inc. (TSX: SII) ("Sprott" or the "Company") today announced it will seed and launch a new alternative investment fund, the objective of which is to provide superior risk-adjusted returns to investors by drawing on the combined expertise and resources of the firm.
Sprott also announced that it has entered into a definitive agreement with an institutional investor to issue, on a private placement basis, 7,575,758 common shares at a price of $3.30 per share, for total gross proceeds of $25 million. The transaction is expected to close on or about March 13, 2013 and is subject to customary closing conditions and applicable regulatory approval.
This press release does not constitute an offer to sell or solicitation of an offer to buy the securities in the United States or any other jurisdiction. The common shares will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
This release contains "forward-looking statements" which reflect the current expectations of the Company. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions. 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, those listed under the heading "Risk Factors" in the Company's annual information form dated March 27, 2012. 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 the Company believes to be reasonable assumptions, the Company 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 the Company does not assume any obligation to update or revise them to reflect new events or circumstances.
About Sprott Inc.
Sprott Inc. is a leading alternative asset manager dedicated to achieving superior returns for its clients over the long term. The Company currently operates through four business units: Sprott Asset Management LP, Sprott Private Wealth LP, Sprott Consulting LP, and Sprott U.S. Holdings Inc. Sprott Asset Management is the investment manager of the Sprott family of mutual funds and hedge funds and discretionary managed accounts; Sprott Private Wealth provides wealth management services to high net worth individuals; and Sprott Consulting provides management, administrative and consulting services to other companies. Sprott U.S. Holdings Inc. includes Sprott Global Resource Investments Ltd, Sprott Asset Management USA Inc., and Resource Capital Investments Corporation. Sprott Inc. is headquartered in Toronto, Canada, and is listed on the Toronto Stock Exchange under the symbol "SII". For more information on Sprott Inc., please visit www.sprottinc.com.
SOURCE: Sprott Inc.
For further information:
Glen Williams Director of Communications