RE:Sprott to buy Toscana Capital and Toscana Energy - THRUE?It thrue in 2012
TORONTO, Feb. 29, 2012 /CNW/ - Sprott Inc. (TSX:SII) ("Sprott") today announced the signing of a letter of intent (the "LOI") reflecting an agreement in principle to acquire Toscana Capital Corporation and Toscana Energy Corporation (collectively, the "Toscana Companies"). Upon closing of the proposed transaction, Sprott will pay approximately $14 million in cash and common shares of Sprott in consideration for the acquisition of the Toscana Companies, with the possibility of up to an additional approximately $5.25 million in common shares of Sprott to be issued as additional consideration in three years upon the attainment of certain financial performance hurdles ("Earn-out Shares"). As at the date hereof, the Toscana Companies' managed entities have aggregate assets of approximately $161 million.