Sprott Inc. named in legal proceeding relating to Flatiron Market Neutral Fund
TORONTO, June 5, 2013 /CNW/ - Sprott Inc. (TSX: SII) ("Sprott" or the "Company") today announced that it and certain subsidiaries were named as defendants in a legal proceeding in the Ontario Superior Court of Justice commenced against multiple defendants by Performance Diversified Fund, as plaintiff. The proceeding is in respect of a claim relating to an investment by the plaintiff in the Flatiron Market Neutral Limited Partnership (the "Flatiron Fund"). The plaintiff was a limited partner in the Flatiron Fund from 2006 until February 2013. Sprott indirectly acquired the shares of the manager of the Flatiron Fund in August 2012. The orderly liquidation of the Flatiron Fund announced in November 2012 was completed in February 2013.
Sprott denies any liability in connection with the claim and will vigorously defend the claim.
About Sprott Inc.
Sprott is a leading independent asset manager dedicated to achieving superior returns for its clients over the long term. Sprott 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.
Caution Regarding Forward-Looking Statements
This document includes certain statements that constitute "forward-looking statements" within the meaning of applicable securities laws. These statements include statements regarding beliefs or current expectations of Sprott.
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. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Sprott 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, or changes in other factors affecting the forward-looking statements.
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