Sprott Announces Joint Venture to Form New Offshore Fund with Zijin Mining
Group Company Ltd.
TORONTO, March 20, 2013 /CNW/ - Sprott Inc. (TSX: SII) ("Sprott" or the
"Company") today announced that Sprott has entered into a joint venture
agreement ("the JV Agreement") with Zijin Mining Group Co., Ltd. ("Zijin"),
one of the largest gold and copper producers in China, to set up an offshore
global mining fund ("the Fund").
The Fund will focus primarily on investment opportunities in equities and debt
instruments of precious metals producers. The Fund will be co-managed by
affiliates of Sprott and Zijin. Under the JV Agreement, Americas Now Resources
Investment Management Corp. has agreed to provide technical and marketing
The target size of the Fund is US$500 million. Zijin has agreed to make
capital contributions of US$100 million, while Sprott will provide initial
capital contributions of US$10million. The Fund will raise additional
commitments from other investors, primarily in China.
The launch of the Fund is conditional on Sprott receiving the necessary
regulatory approvals in Canada and Zijin receiving the relevant regulatory
approvals in the People's Republic of China.
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 27, 2012. 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.
Glen Williams Director of Communications Sprott Inc. (416) 943-4394
SOURCE: Sprott Inc.
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-0- Mar/20/2013 17:14 GMT
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