TORONTO,
Oct. 22, 2013 /CNW/ - Sprott Inc.
(TSX: SII) ("Sprott") and Sprott Resource Corp. (TSX: SCP) today
announced that, effective immediately, Steve Yuzpe has been named
President and Chief Executive Officer ("CEO") of Sprott Resource
Corp. Kevin Bambrough has left the
organization to pursue other opportunities.
Mr. Bambrough joined Sprott in 2002, founded
Sprott Consulting LP in 2006 and launched Sprott Resource Corp. in
2007. He was named President of Sprott in 2009.
"On behalf of both Sprott and Sprott Resource
Corp., I would like to thank Kevin for his many valuable
contributions to the Sprott organization," said Peter Grosskopf, CEO of Sprott. "We wish him all
the best in his future endeavours."
Mr. Yuzpe has served as Sprott Resource Corp.'s
Chief Financial Officer ("CFO") and a member of the company's
investment team since 2009. He is currently the Chairman of One
Earth Farms Corp., as well as a Director of One Earth Oil and Gas
Inc. Mr. Yuzpe holds a Bachelor of Science, Engineering
(Mechanical) degree from Queen's University along with the
Professional Engineering designation (P.Eng.) and a Masters in
Business Administration from the Richard Ivey School of Business in
London, Ontario. He is also a
Chartered Financial Analyst (CFA) charterholder.
"Steve is a key member of the Sprott Resource
Corp. senior management team and has an in-depth understanding of
its portfolio of investments," continued Mr. Grosskopf. "We have
confidence in the abilities of Steve and the executive team to
continue to advance the company's business plan and create value
for Sprott Resource Corp. shareholders."
Mr. Yuzpe will continue to act as Sprott
Resource Corp.'s CFO on an interim basis while candidates are
considered for his replacement.
Terrence Lyons
(currently Lead Director of Sprott Resource Corp.) will take over
as Chairman of the Sprott Resource Corp. Board of Directors. Mr.
Lyons is the past Chairman of Northgate Minerals Corporation, the
Lead Director and Chairman of the Audit Committee of Canaccord
Genuity Group Inc., as well as a director for several other public
and private corporations.
Rick Rule and
Peter Grosskopf have been named
Managing Directors of Sprott Resource Corp. Mr. Rule is the
Chairman of Sprott US Holdings Inc. and is an internationally
recognized resource investor with more than 30 years of experience
in the industry. Mr. Grosskopf, who will continue to serve as CEO
of Sprott Inc., has more than 24 years of investment industry
experience.
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.
About Sprott Resource Corp.
SRC is a Canadian-based company, the primary
purpose of which is to invest and operate in natural
resources. Through acquisitions, joint ventures and other
investments, SRC seeks to provide its shareholders with exposure to
the natural resource sector for the purposes of capital
appreciation and real wealth preservation. SRC is well positioned
to draw upon the considerable experience and expertise of both its
Board of Directors and Sprott Consulting Limited Partnership
(SCLP), of which Sprott Inc. is the sole limited partner.
Pursuant to a management services agreement between SCLP and SRC,
SCLP provides day-to-day business management for SRC as well as
other management and administrative services. SRC invests and
operates through Sprott Resource Partnership (SRP), a partnership
between SRC and Sprott Resource Consulting Limited Partnership, an
affiliate of SCLP which is the managing partner of SRP.
SOURCE Sprott Inc.