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 LP
For further information:
For more information on Sprott, please visit www.sprott.com or for inquiries regarding the offering, please contact us at (416) 362-7172 or (866) 299-9906 or firstname.lastname@example.org.