TORONTO, July 24, 2013 /CNW/ - Sprott Inc. ("Sprott" or "the Company") (TSX: SII) and Sprott Resource Lending Corp. ("SRLC" or "Sprott Resource Lending") (TSX:SIL; NYSE MKT:SILU) announce today that Sprott has completed its
previously announced acquisition of all of the outstanding common
shares of SRLC pursuant to the terms of a plan of arrangement (the "Arrangement"). As a result, SRLC has become a wholly-owned subsidiary of Sprott. It
is anticipated that the common shares of SRLC will be suspended from
trading before the market opens on July 25, 2013 on the NYSE MKT LLC
and no longer be listed for trading on the NYSE MKT LLC on or about
August 5, 2013 or on the Toronto Stock Exchange on or about July 29,
2013. Sprott will also cause SRLC to submit an application to cease to
be a reporting issuer in each reporting jurisdiction in Canada. Under
the terms of the Arrangement, each former shareholder of SRLC will be
entitled to receive one-half of one Sprott common share and $0.15 in
cash for each SRLC common share held.
Pursuant to Rule 12(g)(3) under the United States Securities Exchange
Act of 1934, as amended (the "Exchange Act"), Sprott has succeeded to the Section 12 registration, and Section
13(a) reporting obligations under the Exchange Act, of SRLC. However,
Sprott intends to file a Form 15F, as soon as practicable on or about
August 5, 2013, with the United States Securities and Exchange
Commission ("SEC") to voluntarily terminate the registration of the SRLC common shares
under Section 12(g) as well as SRLC's reporting obligations under
Section 13(a) of the Exchange Act. Pursuant to Rule 12(h)-(6) under the
Exchange Act, the SEC permits a foreign private issuer to terminate the
registration of a class of securities under Section 12(g) of the
Exchange Act if it meets certain requirements. Upon the filing of the
Form 15F, the Company's reporting obligations under the Exchange Act
will be suspended immediately and will terminate no more than 90 days
after the filing, barring any objections from the SEC.
SRLC shareholders requiring assistance with submitting their shares for
exchange should contact their broker or Equity Financial Trust Company
at 1-866-393-4891 or corporateactions@equityfinancialtrust.com.
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.
