TORONTO, Oct. 22, 2013 /CNW/ - Sprott Inc. (TSX: SII) ("Sprott") and
Sprott Resource Corp. (TSX: SCP) today announced that, effective
immediately, Steve Yuzpe has been named President and Chief Executive
Officer ("CEO") of Sprott Resource Corp. Kevin Bambrough has left the
organization to pursue other opportunities.
Mr. Bambrough joined Sprott in 2002, founded Sprott Consulting LP in
2006 and launched Sprott Resource Corp. in 2007. He was named President
of Sprott in 2009.
"On behalf of both Sprott and Sprott Resource Corp., I would like to
thank Kevin for his many valuable contributions to the Sprott
organization," said Peter Grosskopf, CEO of Sprott. "We wish him all
the best in his future endeavours."
Mr. Yuzpe has served as Sprott Resource Corp.'s Chief Financial Officer
("CFO") and a member of the company's investment team since 2009. He is
currently the Chairman of One Earth Farms Corp., as well as a Director
of One Earth Oil and Gas Inc. Mr. Yuzpe holds a Bachelor of Science,
Engineering (Mechanical) degree from Queen's University along with the
Professional Engineering designation (P.Eng.) and a Masters in Business
Administration from the Richard Ivey School of Business in London,
Ontario. He is also a Chartered Financial Analyst (CFA) charterholder.
"Steve is a key member of the Sprott Resource Corp. senior management
team and has an in-depth understanding of its portfolio of
investments," continued Mr. Grosskopf. "We have confidence in the
abilities of Steve and the executive team to continue to advance the
company's business plan and create value for Sprott Resource Corp.
Mr. Yuzpe will continue to act as Sprott Resource Corp.'s CFO on an
interim basis while candidates are considered for his replacement.
Terrence Lyons (currently Lead Director of Sprott Resource Corp.) will
take over as Chairman of the Sprott Resource Corp. Board of Directors.
Mr. Lyons is the past Chairman of Northgate Minerals Corporation, the
Lead Director and Chairman of the Audit Committee of Canaccord Genuity
Group Inc., as well as a director for several other public and private
Rick Rule and Peter Grosskopf have been named Managing Directors of
Sprott Resource Corp. Mr. Rule is the Chairman of Sprott US Holdings
Inc. and is an internationally recognized resource investor with more
than 30 years of experience in the industry. Mr. Grosskopf, who will
continue to serve as CEO of Sprott Inc., has more than 24 years of
investment industry experience.
About Sprott Inc.
Sprott Inc. is a leading alternative 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 Inc. is headquartered
in Toronto, Canada, and is listed on the Toronto Stock Exchange under
the symbol "SII". For more information on Sprott Inc., please visit www.sprottinc.com.
About Sprott Resource Corp.
SRC is a Canadian-based company, the primary purpose of which is to
invest and operate in natural resources. Through acquisitions, joint
ventures and other investments, SRC seeks to provide its shareholders
with exposure to the natural resource sector for the purposes of
capital appreciation and real wealth preservation. SRC is well
positioned to draw upon the considerable experience and expertise of
both its Board of Directors and Sprott Consulting Limited Partnership
(SCLP), of which Sprott Inc. is the sole limited partner. Pursuant to
a management services agreement between SCLP and SRC, SCLP provides
day-to-day business management for SRC as well as other management and
administrative services. SRC invests and operates through Sprott
Resource Partnership (SRP), a partnership between SRC and Sprott
Resource Consulting Limited Partnership, an affiliate of SCLP which is
the managing partner of SRP.
SOURCE: Sprott Inc.
For further information:
Director of Communications
Sprott Resource Corp.
Chief Executive Officer