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.