TORONTO, March 20, 2013 /CNW/ - Sprott Inc. (TSX: SII) ("Sprott" or the "Company") today announced that
Sprott has entered into a joint venture agreement ("the JV Agreement")
with Zijin Mining Group Co., Ltd. ("Zijin"), one of the largest gold
and copper producers in China, to set up an offshore global mining fund
The Fund will focus primarily on investment opportunities in equities
and debt instruments of precious metals producers. The Fund will be
co-managed by affiliates of Sprott and Zijin. Under the JV Agreement,
Americas Now Resources Investment Management Corp. has agreed to
provide technical and marketing services.
The target size of the Fund is US$500 million. Zijin has agreed to make
capital contributions of US$100 million, while Sprott will provide
initial capital contributions of US$10 million. The Fund will raise
additional commitments from other investors, primarily in China.
The launch of the Fund is conditional on Sprott receiving the necessary
regulatory approvals in Canada and Zijin receiving the relevant
regulatory approvals in the People's Republic of China.
This release contains "forward-looking statements" which reflect the
current expectations of the Company. These statements reflect
management's current beliefs with respect to future events and are
based on information currently available to management. Forward-looking
statements involve significant known and unknown risks, uncertainties
and assumptions. Many factors could cause actual results, performance
or achievements to be materially different from any future results,
performance or achievements that may be expressed or implied by such
forward-looking statements including, without limitation, those listed
under the heading "Risk Factors" in the Company's annual information
form dated March 27, 2012. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the
forward-looking statements prove incorrect, actual results, performance
or achievements could vary materially from those expressed or implied
by the forward-looking statements contained in this release. Although
the forward-looking statements contained in this release are based upon
what the Company believes to be reasonable assumptions, the Company
cannot assure investors that actual results, performance or
achievements will be consistent with these forward-looking statements.
These forward-looking statements are made as of the date of this
release and the Company does not assume any obligation to update or
revise them to reflect new events or circumstances.
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.
SOURCE: Sprott Inc.
For further information:
Glen Williams Director of Communications