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
SOURCE: Sprott Inc.
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