Ninepoint Partners Announces Completion of Sprott 2017-II Flow-Through Limited Partnership Initial Public Offering, Raises $2...
October 03 2017 - 2:19PM
Ninepoint Partners LP (“Ninepoint”), formerly SPR & Co LP, is
pleased to announce that the Sprott 2017-II Flow-Through Limited
Partnership (the “Partnership”) has completed the final closing of
its initial public offering of limited partnership units (the
“Units”) pursuant to a prospectus dated August 30, 2017. The
Partnership raised $10,179,275 on the sale of an additional 407,171
Units at $25.00 per Unit for aggregate gross proceeds of
approximately $23.5 million.
The Partnership has retained Sprott Asset
Management LP (“Sprott”) to act as sub-advisor to the Partnership.
The Partnership intends to provide liquidity to limited partners
through a rollover to the Sprott Resource Class prior to February
28, 2019.
Investment Objective of the
PartnershipThe Partnership’s investment objective is to
achieve capital appreciation and significant tax benefits for
Limited Partners by investing in a diversified portfolio of
Flow-Through Shares and other securities, if any, of Resource
Issuers.
Attractive Tax-Reduction
BenefitsFlow-through partnerships are one of the most
effective tax reduction strategies available to Canadians.
Ninepoint anticipates that investors participating in the
Partnership will be eligible to receive a tax deduction of
approximately 100% of the amount invested.
Resource ExpertiseThe
Partnership will be sub-advised by Sprott, one of Canada’s leading
investment advisors in small and mid- cap resource companies. Over
its long history of investing in the resource sector, Sprott has
developed relationships with hundreds of companies. Its experienced
team of portfolio managers is supported by a team of technical
experts with extensive backgrounds in mining and geology.
Portfolio manager Jason Mayer will manage the
Partnership and will be supported by Sprott’s broader team of
experienced resource investment professionals.
AgentsThe offering was made
through a syndicate of agents led by RBC Capital Markets, which
includes CIBC Capital Markets, TD Securities Inc. and Scotia
Capital Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc.,
GMP Securities L.P., Manulife Securities Incorporated, Raymond
James Ltd., Canaccord Genuity Corp., Caldwell Securities Ltd.,
Desjardins Securities Inc., Echelon Wealth Partners Inc. and
Industrial Alliance Securities Inc.
About Ninepoint Partners
LPNinepoint Partners LP is an expert active manager of
specialty investment solutions, committed to helping investors
explore innovative ways to manage portfolio risk, and advisors to
differentiate their businesses with unique investment
solutions. Based in Toronto, Ninepoint Partners LP is an
operating company that has been created to assume portfolio
management of the Canadian diversified assets of Sprott Asset
Management LP, including actively managed hedge and mutual funds.
The new firm oversees approximately $3 billion in assets under
management.
For more information on Ninepoint Partners LP,
please visit www.ninepoint.com or inquiries regarding the offering,
please contact us at (416) 943-6707 or (866) 299-9906 or
invest@ninepoint.com.
About Sprott Asset Management
LPSprott is an alternative asset manager and a global
leader in precious metal and real asset investments. Through its
subsidiaries in Canada, the US and Asia, the Corporation is
dedicated to providing investors with best-in-class investment
strategies that include Exchange Listed Products, Alternative Asset
Management and Private Resource Investments. The Corporation also
operates Merchant Banking and Brokerage businesses in both Canada
and the US. Sprott is based in Toronto with offices in New York,
Carlsbad and Vancouver and its common shares are listed on the
Toronto Stock Exchange under the symbol (TSX:SII). For more
information, please visit www.sprottinc.com.
“Sprott” is a registered trademark of Sprott
Inc. used under license.
Certain statements included in this news release
constitute forward-looking statements, including, but not limited
to, those identified by the expressions “expects”, “intends”,
“anticipates”, “will” and similar expressions to the extent that
they relate to the Partnership. The forward-looking statements are
not historical facts but reflect the Partnership’s, Ninepoint’s and
Sprott’s current expectations regarding future results or events.
These forward-looking statements are subject to a number of risks
and uncertainties that could cause actual results or events to
differ materially from current expectations. Although the
Partnership, Ninepoint and Sprott believe the assumptions inherent
in the forward-looking statements are reasonable, forward-looking
statements are not guarantees of future performance and,
accordingly, readers are cautioned not to place undue reliance on
such statements due to the inherent uncertainty therein. Neither
the Partnership, nor Ninepoint or Sprott undertake any obligation
to update publicly or otherwise revise any forward-looking
statement or information whether as a result of new information,
future events or other such factors which affect this information,
except as required by law.
Sprott (TSX:SII)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sprott (TSX:SII)
Historical Stock Chart
From Apr 2023 to Apr 2024