TORONTO, Jan. 29, 2013 /CNW/ - As announced by Sprott Power Corp. ("SPC") yesterday, Sprott Power Consulting LP ("SPCLP"), a subsidiary of Sprott Inc. (TSX:SII), has received notice from SPC that effective July 31, 2013 the management services agreement between SPC and SPCLP (the "MSA") will be terminated. In addition, effective yesterday, Jeff Jenner is no longer an employee of SPCLP. Mr. Jenner was formerly the Chief Executive Officer of SPCLP.
As a result of Mr. Jenner no longer being employed by SPCLP, SPCLP has no nominees sitting on SPC's board of directors (the "SPC Board") and SPCLP is no longer involved in SPC's strategic decision making process.
Pursuant to the MSA, SPCLP has notified the SPC Board that SPC must remove the name "Sprott" from its name forthwith.
SOURCE: Sprott Inc.
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