TORONTO, July 22, 2013 /CNW/ - Sprott Inc. ("Sprott" or "the Company")
(TSX: SII) and Sprott Resource Lending Corp. ("SIL" or "Sprott Resource
Lending") (NYSE MKT: SILU, TSX: SIL) are pleased to announce that on
July 18, 2013, shareholders of Sprott Resource Lending approved the
previously announced plan of arrangement involving Sprott Resource
Lending and Sprott under the Canada Business Corporations Act pursuant to which Sprott will acquire all of the outstanding common
shares in the capital of SIL (the "Arrangement"). Over 98.8% of SIL
common shares voted at SIL's annual and special meeting of shareholders
held on July 18, 2013, including 98.4% of SIL common shares held by
minority shareholders, voted in favour of the special resolution
approving the Arrangement. On July 19, 2013, a final order approving
the Arrangement was granted by the Ontario Superior Court of Justice.
The Arrangement is currently scheduled to close on Wednesday, July 24,
2013.
"We are pleased with the overwhelming support the amalgamation has
received from the shareholders of Sprott Resource Lending," commented
Peter Grosskopf, CEO of Sprott. "After completion of this transaction,
Sprott will have more than $350 million in cash and investment capital,
which will position us well to both sponsor new fund initiatives and
continue the business of resource lending."
"We are pleased to be joining Sprott through a transaction that provides
our shareholders with ownership in a larger, more diversified company
that is well positioned to continue to build an industry leading
resource lending franchise," said Murray Sinclair, Chairman of the
Sprott Resource Lending Board of Directors.
About Sprott
Sprott is a leading independent 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 is headquartered in Toronto, Canada, and is listed
on the Toronto Stock Exchange under the symbol "SII". For more
information on Sprott , please visit www.sprottinc.com.
About Sprott Resource Lending
Sprott Resource Lending (www.sprottlending.com) specializes in lending to resource companies on a global basis.
Headquartered in Toronto, SIL 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 with day to day business management as
well as other management and administrative services. SLCLP is a wholly
owned subsidiary of Sprott (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).
Forward-Looking Statements
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's or Sprott Resource Lending's intent, or the beliefs
or current expectations of Sprott's or 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's or 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's or Sprott Resource Lending's control, could
cause actual results to differ materially from the estimates and
intentions expressed in such forward-looking statements.
Forward-looking statements speak only as of the date those statements
are made. Except as required by applicable law, neither Sprott nor
Sprott Resource Lending 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 Inc.
