TORONTO, June 20, 2013 /CNW/ - Sprott Resource Lending Corp. (the
"Company" or "Sprott Resource Lending") (TSX:SIL) (NYSE MKT:SILU)
announced today that it will be seeking to postpone its upcoming annual
and special meeting of shareholders, originally scheduled to be held on
Tuesday, June 25, 2013, at 10:00 a.m. (Toronto time) (the "Meeting"),
to a to-be-announced date. The Company will seek to hold the postponed
meeting as soon as practicable in July 2013. No changes are expected to
be made to the record date of the Meeting or to the matters to be put
before shareholders at the Meeting, including the proposed plan of
arrangement whereby Sprott Inc. ("Sprott") will acquire all of the
issued and outstanding common shares in the capital of the Company (the
"Arrangement").
Sprott Resource Lending has decided that it will seek to postpone the
Meeting until it receives final clearance of regulatory comments from
the United States Securities and Exchange Commission ("SEC"). The SEC
requested that the Company amend its May 31, 2013 Schedule 13E-3 going
private transaction statement ("Schedule 13E-3") and provide certain
additional disclosure regarding the Arrangement to shareholders. The
Company yesterday filed an amendment to their previously filed Schedule
13E-3 to address the comments raised by the SEC. Following the
clearance of all comments of the SEC, the Company intends to mail to
all shareholders, and to make available for download from the Company's
website as well as under its profile on SEDAR at www.sedar.com and EDGAR at www.sec.gov, an amended and restated management information circular, which is
intended to augment its previous disclosure.
The Company will be making an application to the Ontario Superior Court
of Justice (the "Court"), which is the court supervising the
Arrangement, to seek an order extending the time for calling the
Company's annual meeting of shareholders, which is required under the Canada Business Corporations Act to be held no later than six months after the end of the Company's
preceding financial year. The Company will also file with the TSX a
Form 9 - Request for Extension for Financial Reporting/Annual Meeting requesting a delay in its annual meeting of shareholders, which is
required under the TSX Company Manual to be held within six-months
after the end of its fiscal year.
To date, approximately 59% of the votes have been received, of which a
substantial majority of such votes are in favour of approving all
matters to be put before shareholders of the Company, including voting
"For" the Arrangement. Shareholders who have already submitted a form
of proxy or voting instruction form and do not wish to change their
vote need not take any further action and shareholders continue to have
the right to revoke or change their proxies prior to the commencement
of the postponed meeting.
About Sprott Resource Lending Corp.
Sprott Resource Lending (www.sprottlending.com) specializes in lending
to resource companies on a global basis. Headquartered in Toronto, the
Company seeks to generate income from lending activities as well as the
upside potential of bonus arrangements with borrowers generally tied to
the underlying property or shares of the borrower. Pursuant to a
management services agreement and a partnership agreement, Sprott
Lending Consulting Limited Partnership ("SLCLP") provides Sprott
Resource Lending day to day business management as well as other
management and administrative services. SLCLP is a wholly owned
subsidiary of Sprott Inc. (www.sprottinc.com), the parent of Sprott
Asset Management LP (www.sprott.com). For more information about Sprott Resource Lending, please visit
SEDAR (www.sedar.com).
Caution Regarding Forward-Looking Statements and Information
This document includes certain statements that constitute
"forward-looking statements" and "forward-looking information" within
the meaning of applicable securities laws (collectively,
"forward-looking statements"). These statements include statements
regarding Sprott Resource Lending's intent, or the beliefs or current
expectations of Sprott Resource Lending's officers and directors. Such
statements are typically identified by words such as "believe",
"anticipate", "estimate", "project", "intend", "expect", "may", "will",
"plan", "should", "would", "contemplate", "possible", "attempts",
"seeks" and similar expressions. Forward-looking statements may relate
to Sprott Resource Lending's future outlook and anticipated events or
results.
By their very nature, forward-looking statements involve numerous
assumptions, inherent risks and uncertainties, both general and
specific, and the risk that predictions and other forward-looking
statements will not prove to be accurate. Do not unduly rely on
forward-looking statements, as a number of important factors, many of
which are beyond Sprott Resource Lending's control, could cause actual
results to differ materially from the estimates and intentions
expressed in such forward-looking statements. These factors include,
but are not limited to: (a) the inability of Sprott Resource Lending to
obtain (i) approval of the transaction and the postponement of the
meeting by the Court and the other regulatory approvals, and
(ii) approval of the transaction by the shareholders at an annual and
special meeting of Sprott Resource Lending shareholders; and (b) the
occurrence of any other event, change or other circumstance that could
give rise to the termination of the Arrangement Agreement (as defined
in the information circular), or the delay of consummation of the
transaction or failure to complete the arrangement for any other
reason.
Forward-looking statements speak only as of the date those statements
are made. Except as required by applicable law, Sprott Resource Lending
does not assume any obligation to update, or to publicly announce the
results of any change to, any forward-looking statement contained
herein to reflect actual results, future events or developments,
changes in assumptions or changes in other factors affecting the
forward-looking statements.
SOURCE: Sprott Resource Lending Corp.
