Sprott Announces Joint Venture with CITIC Private Equity

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[{"type":"text","content":"\n\n\nTORONTO, May 30, 2013 /CNW/ - Sprott Inc. (TSX: SII) (\"Sprott\" or the\n \"Company\") today announced that it has entered into a joint venture\n agreement (the \"JV Agreement\") with CITICPE HONGKONG MGT. CO. LIMITED.\n (or \"CITICPE HK\") to set up an offshore global resource fund (\"the\n Fund\").\n\n\n\"We are very pleased to be launching this fund with CITICPE HK, one of\n China's leading alternative asset managers and we look forward to\n working together to establish an industry-leading global resource\n fund,\" said Peter Grosskopf, Chief Executive Officer of Sprott. \"We\n regard this partnership to be a long-term synergistic relationship that\n will leverage Sprott's unique resource investment platform and CITICPE\n HK's investment expertise and in-depth knowledge in Asian markets.\"\n\n\n\"Establishing a global resource fund with Sprott is a natural extension\n of our alternative asset management platform,\" said Frank Wu, Chief\n Executive Officer of CITICPE HK. \"Our two firms offer complementary\n skill sets and share a view that the current market environment offers\n compelling opportunities to invest in the resource sector.\"\n\n\nThe Fund will focus primarily on investment opportunities in equities\n and debt instruments of global resource companies and will be\n co-managed by affiliates of Sprott and CITICPE HK.\n\n\nThe management team of CITICPE HK was the founder of the first American\n Dollar dominated fund in mainland China. CITICPE HK is managed by fund\n management professionals from CITIC Group. CITIC Group is one of\n China's largest financial institutions and a Fortune Global 500\n company.\n\n\nThe launch of the Fund is conditional on Sprott receiving the necessary\n regulatory approvals in Canada and CITICPE HK receiving the relevant\n regulatory approvals in the People's Republic of China.\n\n\nForward-Looking Statements \n\n\nThis release contains \"forward-looking statements\" which reflect the\n current expectations of the Company. These statements reflect\n management's current beliefs with respect to future events and are\n based on information currently available to management. Forward-looking\n statements involve significant known and unknown risks, uncertainties\n and assumptions. Many factors could cause actual results, performance\n or achievements to be materially different from a...

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