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 statements.
SOURCE Sprott Inc.