TORONTO, July 26, 2013 /CNW/ - Arthur Richards Rule IV (the "Offeror") acquired an aggregate of 7,612,584 common shares (the "Shares") of Sprott Inc. (the "Corporation"). The Shares were acquired in connection with a court approved plan of
arrangement under the Canada Business Corporations Act (the "Arrangement") involving the Corporation and Sprott Resource Lending Corp. (the "Target") pursuant to which the Corporation acquired ownership of all of the
issued and outstanding common shares of the Target (the "Target Shares") (other than the 8,977,654 Target Shares already owned by the
Corporation). In accordance with the terms of the Arrangement, each
shareholder of the Target (a "Shareholder"), including the Offeror but excluding the Corporation and any
Shareholders who exercised dissent rights in respect of the
Arrangement, received one-half of one common share in the capital of
the Corporation and Cdn.$0.15 in cash for each Target Share held. As of
the date hereof, after giving effect to the Arrangement, the Offeror
owns, or exercises control or direction over, 26,880,084 Shares,
representing approximately 10.84% of the issued and outstanding Shares
on a non-diluted basis.
The Shares were acquired for investment purposes. The Offeror has a
long-term view of the investment and does not intend at this time to
acquire additional Shares, but may increase his shareholdings of the
Corporation in the future depending on market conditions, reformulation
of plans and/or other relevant factors.
In this press release, for the purpose of calculating the percentage of
Shares owned, or controlled or directed, the Offeror has assumed that
there are 247,963,792 Shares issued and outstanding as of the date
hereof, as reported by the Corporation in its early warning report
dated as of July 24, 2013 after giving effect to the Arrangement.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting
Issues, which also requires a report to be filed with regulatory authorities
in each of the jurisdictions in which the Corporation is a reporting
issuer containing information with respect to the foregoing matters
(the "Early Warning Report"). A copy of the Early Warning Report appears with the Corporation's
documents on the System for Electronic Document Analysis and Retrieval
and may also be obtained by contacting the Offeror at 1910 Palomar
Point Way, Suite 200, Carlsbad, CA 92008, telephone number: (760)
The Toronto Stock Exchange has not reviewed and does not accept the
responsibility for the accuracy or adequacy of this press release.
SOURCE: Sprott Inc.