Press release from CNW Group
Sprott Announces Joint Venture to Form New Offshore Fund with Zijin Mining Group Company Ltd.
Wednesday, March 20, 2013
Sprott Announces Joint Venture to Form New Offshore Fund with Zijin Mining Group Company Ltd.13:14 EDT Wednesday, March 20, 2013TORONTO, March 20, 2013 /CNW/ - Sprott Inc. (TSX: SII) ("Sprott" or the "Company") today announced that Sprott has entered into a joint venture agreement ("the JV Agreement") with Zijin Mining Group Co., Ltd. ("Zijin"), one of the largest gold and copper producers in China, to set up an offshore global mining fund ("the Fund").The Fund will focus primarily on investment opportunities in equities and debt instruments of precious metals producers. The Fund will be co-managed by affiliates of Sprott and Zijin. Under the JV Agreement, Americas Now Resources Investment Management Corp. has agreed to provide technical and marketing services.The target size of the Fund is US$500 million. Zijin has agreed to make capital contributions of US$100 million, while Sprott will provide initial capital contributions of US$10 million. The Fund will raise additional commitments from other investors, primarily in China.The launch of the Fund is conditional on Sprott receiving the necessary regulatory approvals in Canada and Zijin receiving the relevant regulatory approvals in the People's Republic of China.Forward-Looking Statements 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 Sprott Inc. (416) 943-4394 firstname.lastname@example.org