TORONTO, Sept. 27, 2013 /CNW/ - Sprott Inc. (TSX: SII)
("Sprott" or the "Company") today announced that it has launched a
new offshore global mining fund (the "Fund") with Zijin Mining
Group Company Limited ("Zijin"). All relevant regulatory approvals
have been received in Canada and
the People's Republic of China and
the Fund has been initially seeded with US$100 million from Zijin and US$10 million from Sprott.
"We are very pleased to launch this new fund
which will allow us to open a new market for our investment
products," said Peter Grosskopf, CEO
of Sprott. "Zijin is the largest gold producer and the second
largest mined copper producer in China and is listed on both the Hong Kong and Shanghai stock exchanges. We believe the
combination of Zijin's technical strengths and Sprott's resource
investment expertise will prove to be an attractive option for
investors looking to invest in the mining sector with a focus on
gold."
The Fund management company is a joint venture
between Sprott and Zijin and will invest primarily in the
publically-listed equity and debt instruments of gold, other
precious metals and copper mining companies. The Fund will be
co-managed by affiliates of Sprott and Zijin. Under the joint
venture agreement, Americas Now Resources Investment Management
Corp. has agreed to provide technical and marketing services to the
Fund.
The target size of the Fund is US$500 million and the Company anticipates
receiving additional commitments from onshore Chinese investors
beginning in the fourth quarter of 2013.
Forward-Looking Statements
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 26,
2013. 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.