Business
Sprott Inc. Announces Closing of Over-Allotment Option Associated with its Recently Completed Secondary Offering
/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION I...
About this update from Sprott Inc.
[{"type":"text","content":"\n\n\n/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR\n FOR DISSEMINATION IN THE UNITED STATES/\n\n\nTORONTO, July 25, 2014 /CNW/ - Sprott Inc. (\"Sprott\" or the \"Corporation\") (TSX: SII) announced today that the underwriters of its secondary\n offering that closed on July 15, 2014 (the \"Offering\") exercised in full their over-allotment option to purchase from\n 2176423 Ontario Ltd., a company controlled by Eric Sprott (the \"Selling Shareholder\"), an additional 3,000,000 common shares of the Corporation (the \"Additional Shares\") at a price of $3.00 per Share (the \"Issue Price\"), for additional gross proceeds of $9,000,000, increasing the size of\n the Offering to $69,000,000. The sale of the Additional Shares closed\n today.\n\n\nThe Offering was made through a syndicate of underwriters co-led by TD\n Securities Inc. and Scotia Capital Inc., and including RBC Dominion\n Securities Inc., CIBC World Markets Inc., GMP Securities L.P.,\n Canaccord Genuity Corp., Cormark Securities Inc. and Desjardins\n Securities Inc.\n\n\nThe Corporation did not receive any proceeds from the sale of the\n Additional Shares. The Selling Shareholder intends to use the proceeds\n from the sale of the Additional Shares to invest in funds and\n securities managed by Sprott or its affiliates, with a focus on\n precious metals-related investments.\n\n\nThe Selling Shareholder has also agreed to sell, on a non-brokered\n private placement basis (the \"Private Placement\"), 5,000,000 common shares of the Corporation (the \"Private Placement Shares\" and together with the Additional Shares, the \"Shares\") at the Issue Price to the Sprott Inc. 2011 Employee Profit Sharing\n Plan. Closing of the Private Placement is expected to occur in August\n 2014.\n\n\nWithout giving effect to the Private Placement, the Selling Shareholder\n now owns an approximate 26.23% interest in the Corporation.\n\n\nThis press release is not an offer of securities for sale in the United\n States. The Shares being offered have not been and will not be\n registered under the United States Securities Act of 1933 and\n accordingly are not being offered for sale and may not be offered, sold\n or delivered, directly or indirectly within the United States, its\n possessions and other areas subject to its jurisdiction or to, or for\n the account or for the...