Business
Sprott Inc. Announces Closing of Financing by Sprott Resource Lending Corp. (formerly Quest Capital Corp.) and Commencement of its Bridge and Mezzanine Resource Lending Business
Sprott Inc. Announces Closing of Financing by Sprott Resource Lending Corp. (formerly Quest Capit...
About this update from Sprott Inc.
[{"type":"text","content":"\n\n\n\n Sep. 8, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nTORONTO, Sept. 8 /CNW/ - (TSX: SII) - Sprott Inc. ("Sprott" or the "Company") is pleased to announce that Sprott Resource Lending Corp. (formerly Quest Capital Corp.) (TSX:QC) ("Sprott Resource Lending") has completed a private placement of $25 million (the "Private Placement"). Sprott Private Wealth LP ("SPW"), a subsidiary of the Company, acted as sole agent to SRLC on the Private Placement. Sprott Inc. ("SII") invested $14.4 million in the Private Placement and now owns 8,977,654 common shares of SRLC (or 5.8% of the outstanding shares). The balance of the Private Placement was purchased by SPW clients and employees of Sprott and its affiliates.\nSprott Resource Lending is managed by Sprott Lending Consulting LP ("SLCLP"), a subsidiary of Sprott Consulting LP ("Sprott Consulting"), a subsidiary of SII. Peter Grosskopf, CEO of SII will serve as President and CEO of Sprott Resource Lending. Jim Grosdanis has joined SLCLP and will continue as CFO of Sprott Resource Lending. Sprott Resource Lending joins Sprott Resource Corp. (TSX:SCP) and Sprott Power Corp. as businesses managed by SCLP and its subsidiaries. SCLP managed businesses have net assets in excess of $625 million.\n"We would like to thank Sprott Resource Lending shareholders for placing confidence in us to manage their business," said Peter Grosskopf, CEO of Sprott and President and CEO of Sprott Resource Lending. "We believe that Sprott Resource Lending, like each of Sprott Consulting's other managed businesses, is unique and well-positioned to become a dominant player in its sector."\nSRLC has cash of approximately $100 million to commit to resource lending ("Resource Lending Assets") and has an aggressive plan to monetize its net real estate loans of approximately $160 million to generate additional ...