TORONTO, July 12, 2013 /CNW/ - Sprott Resource Lending
Corp. (the "Company" or "Sprott Resource Lending") (TSX:SIL) (NYSE
MKT:SILU) announced today that it intends to delist its common
shares from the Toronto Stock Exchange and the New York Stock
Exchange MKT ("NYSE MKT") following completion of its
previously announced plan of arrangement with Sprott Inc. (TSX:SII)
(the "Arrangement"), which is expected to close on July 24, 2013, subject to the receipt of
requisite shareholder and judicial approvals. The Company will also
apply to cease to be a reporting issuer in each province and
territory of Canada and deregister
from the reporting requirements of the U.S. Securities Exchange Act
of 1934, as amended (the "Exchange Act"). The Company is taking
these actions as a result of the consequences of the Arrangement,
which include the fact that after closing the Arrangement, Sprott
Inc. will hold all of the common shares of the Company. The Company
does not intend to list its common shares on any other
exchange.
Closing of the Arrangement is subject to the
approval of shareholders of the Arrangement at the Company's annual
and special meeting of shareholders (the "Meeting"), which is being
held on July 18, 2013, and receipt of
a final order from the Ontario Superior Court of Justice approving
the Arrangement at a hearing scheduled for 10:00 a.m. (Toronto time) on July
19, 2013.
The Company intends to file a Form 25 with the
the U.S. Securities and Exchange Commission (the
"SEC") on or about July 24, 2013
to delist its common shares from the NYSE MKT and to deregister the
Company's common stock under the Exchange Act. The Company
expects that the trading of its common shares on the NYSE MKT will
be suspended on the date the Form 25 is filed, with the official
delisting of the Company's common shares becoming effective ten
days thereafter. The Company shall also file a Form 15 with
the SEC to suspend the Company's reporting requirements under
Section 15(d) of the Exchange Act. Upon filing of the Form 15, the
Company will no longer be obligated to file certain Exchange Act
reports with the SEC.
About Sprott Resource Lending
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 Arrangement by the court and the other
regulatory approvals, and (ii) approval of the Arrangement by
the shareholders at the Meeting; and (b) the occurrence of any
other event, change or other circumstance that could give rise to
the termination of the arrangement agreement dated May 8, 2013 between the Company and Sprott Inc.,
or the delay of consummation of the Arrangement 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.