Sprott Inc. Announces Letter of Intent for the Acquisition of Toscana Capital Corporation and Toscana Energy Corporation
29 Febbraio 2012 - 1:00PM
PR Newswire (Canada)
TORONTO, Feb. 29, 2012 /CNW/ - Sprott Inc. ("Sprott") today
announced the signing of a letter of intent (the "LOI") reflecting
an agreement in principle to acquire Toscana Capital Corporation
and Toscana Energy Corporation (collectively, the "Toscana
Companies"). Upon closing of the proposed transaction, Sprott will
pay approximately $14 million in cash and common shares of Sprott
in consideration for the acquisition of the Toscana Companies, with
the possibility of up to an additional approximately $5.25 million
in common shares of Sprott to be issued as additional consideration
in three years upon the attainment of certain financial performance
hurdles ("Earn-out Shares"). As at the date hereof, the
Toscana Companies' managed entities have aggregate assets of
approximately $161 million. The transaction is subject to, among
other things, satisfactory results of due diligence investigations
of the Toscana Companies and the negotiation of definitive
agreements. The transaction is an arm's length transaction and is
subject to the approval of all applicable regulatory authorities,
including the Toronto Stock Exchange, as well as other third
parties, as necessary. In addition, the transaction remains subject
to approval by Sprott's board of directors. The parties will seek
to close the transaction by the middle of the second quarter of
2012. The transaction is expected to provide benefits across the
Sprott organization through the sharing of investment ideas, deal
origination, the development of new products, and by leveraging
Toscana's and Sprott's products and brands in the oil and gas
sector. "In the Toscana Companies, we are acquiring a leading team
of energy specialists and lenders as well as a Calgary presence,"
said Peter Grosskopf, Chief Executive Officer of Sprott. "We
believe that each of Toscana's energy lending business, managed
working interest portfolio and flow through investment vehicles
have significant growth potential. We look forward to working
with the team to enhance the available investment opportunities and
products for our combined clients." "We are excited to become part
of the Sprott organization. Sprott is a well-known natural
resources investor and with the combination of our two companies,
Sprott's footprint in Calgary will only grow," said Joseph Durante,
Chief Executive Officer of each of the Toscana Companies. About the
Toscana Companies Toscana Capital Corporation manages Toscana
Financial Income Trust ("TFIT"), an open-ended trust established in
June 2006 focused on providing mezzanine debt financing to
mid-sized private and public oil & gas companies. TFIT has a
current loan portfolio of approximately $54 million. Toscana Energy
Corporation manages Toscana Resource Corporation ("TRC"), a mutual
fund corporation established in April 2010 focused on investing in
medium and long-term non-operating working interests in oil &
gas assets, unitized production interests and royalties. TRC
currently has aggregate assets that have a value of approximately
$90 million. In addition, Toscana Energy Corporation is a technical
advisor to and co-manager of Maple Leaf 2011 Energy Income Fund LP
("MLEI"), a flow-through limited partnership focused on investing
in non-operated, direct working interests by participating in oil
& gas development projects (drilling programs). MLEI is
co-managed by Toscana Energy Corporation and a third party
manager. MLEI currently has aggregate assets that have a
value of approximately $17 million. About Sprott Inc. Sprott Inc.
is a leading independent 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, including Sprott Resource
Corp. , Sprott Resource Lending Corp. and Sprott Power Corp. .
Sprott U.S. Holdings Inc. includes Global Resource Investments Ltd,
Terra Resource Investment Management Inc., and Resource Capital
Investments Inc. Sprott Inc. is headquartered in Toronto, Canada,
and its common shares are listed on the Toronto Stock Exchange
under the symbol "SII". For more information on Sprott Inc., please
visit www.sprottinc.com. Forward-Looking Statements This release
contains "forward-looking statements" which reflect the current
expectations of Sprott Inc. These statements reflect
management's current beliefs with respect to future events and are
based on information currently available to management.
Forward-looking statements in this press release include, but are
not limited to, statements with respect to the negotiation of the
definitive agreements for the transaction, the terms of such
definitive agreements, the closing of the transaction and the
anticipated benefits from the transaction. Forward-looking
statements involve significant known and unknown risks,
uncertainties and assumptions, including with respect to the
anticipated completion of the negotiation of the definitive
agreements, the closing of the transaction, the timing and receipt
of all applicable regulatory approvals and third party consents,
the anticipated benefits from the transaction and the satisfaction
of other conditions to the completion of the transaction.
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 Sprott's annual
information form dated March 22, 2011 as well as that the closing
of the transaction could be delayed if the necessary regulatory
approvals and third party consents are not obtained on the
timelines planned or the transaction may not be completed at all if
these approvals are not obtained or any other conditions to closing
are not satisfied. 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 Sprott believes to be reasonable
assumptions, management 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 Sprott does not assume any
obligation to update or revise them to reflect new events or
circumstances, except as required by law. Sprott Inc. CONTACT:
Investor contact information: (416) 203-2310 or 1 (877) 403-2310or
ir@sprott.com.
Copyright
Grafico Azioni Sprott (TSX:SII)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Sprott (TSX:SII)
Storico
Da Lug 2023 a Lug 2024