Sprott 2013 Flow-Through Limited Partnership Raises $6,463,150 on First Closing
TORONTO, Feb. 20, 2013 /CNW/ - Sprott 2013 Corporation (the "General Partner") is pleased to announce that Sprott 2013 Flow-Through Limited Partnership (the "Partnership") has completed the first closing of its initial public offering of limited partnership units. The Partnership sold 258,526 units for gross proceeds of $6,463,150. The Partnership will have a second closing on or about March 27, 2013. The price per unit is $25.00.
Investment Objective of the Partnership
The 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 Benefits
Flow-through partnerships are one of the most effective tax reduction strategies that remain available to Canadians. Sprott anticipates that investors participating in the Partnership will be eligible to receive a tax deduction in 2013 that is approximately 100% of the amount invested in the Partnership, based on certain assumptions as set forth in the prospectus.
The Partnership will be managed by Sprott, one of Canada's leading investors in small and mid-cap resource companies, with approximately $8.5 billion dedicated to the sector. 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 managers Jason Mayer, Allan Jacobs and Eric Nuttall will co-manage the Partnership and will be supported by Eric Sprott, Charles Oliver, Paul Wong, Rick Rule and Neil Adshead.
The offering is being made through a syndicate of agents led by RBC Capital Markets, which includes CIBC, TD Securities Inc., BMO Capital Markets, National Bank Financial Inc., Scotia Capital Inc., Canaccord Genuity Corp., GMP Securities L.P., Manulife Securities Incorporated, Raymond James Ltd., Sprott Private Wealth LP, Desjardins Securities Inc. and Macquarie Private Wealth Inc.
About Sprott Asset Management LP
Sprott Asset Management LP, a wholly owned subsidiary of Sprott Inc., is an investment manager dedicated to achieving outstanding returns for its investors over the long-term. With a history dating back to 1981, Sprott has a team of leading investment professionals that think independently and have the courage to act on their convictions. Our clients include individual and high-net-worth investors, institutions and endowments. Please visit us at www.sprott.com to learn more about our award-winning investment professionals and their market insights.
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 General Partner'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 General Partner 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 General Partner nor 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.
This offering is only made by prospectus. The Partnership's prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from your IIROC registered financial advisor. Investors should read the prospectus before making an investment decision.
SOURCE: Sprott Asset Management LPFor further information: