Press release from CNW Group
Sprott Announces Joint Venture with CITIC Private Equity
Thursday, May 30, 2013
Sprott Announces Joint Venture with CITIC Private Equity09:26 EDT Thursday, May 30, 2013
TORONTO, May 30, 2013 /CNW/ - Sprott Inc. (TSX: SII) ("Sprott" or the "Company") today announced that it has entered into a joint venture agreement (the "JV Agreement") with CITICPE HONGKONG MGT. CO. LIMITED. (or "CITICPE HK") to set up an offshore global resource fund ("the Fund").
"We are very pleased to be launching this fund with CITICPE HK, one of China's leading alternative asset managers and we look forward to working together to establish an industry-leading global resource fund," said Peter Grosskopf, Chief Executive Officer of Sprott. "We regard this partnership to be a long-term synergistic relationship that will leverage Sprott's unique resource investment platform and CITICPE HK's investment expertise and in-depth knowledge in Asian markets."
"Establishing a global resource fund with Sprott is a natural extension of our alternative asset management platform," said Frank Wu, Chief Executive Officer of CITICPE HK. "Our two firms offer complementary skill sets and share a view that the current market environment offers compelling opportunities to invest in the resource sector."
The Fund will focus primarily on investment opportunities in equities and debt instruments of global resource companies and will be co-managed by affiliates of Sprott and CITICPE HK.
The management team of CITICPE HK was the founder of the first American Dollar dominated fund in mainland China. CITICPE HK is managed by fund management professionals from CITIC Group. CITIC Group is one of China's largest financial institutions and a Fortune Global 500 company.
The launch of the Fund is conditional on Sprott receiving the necessary regulatory approvals in Canada and CITICPE HK receiving the relevant regulatory approvals in the People's Republic of China.
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 26, 2013. 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.
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