Business
Sprott Inc. Announces Completion of $60,000,000 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 15, 2014 /CNW/ - Sprott Inc. (\"Sprott\" or the \"Corporation\") (TSX: SII) announced today the completion of its previously announced\n secondary offering (the \"Offering\") of common shares of the Corporation (the \"Shares\") held by 2176423 Ontario Ltd., a company controlled by Eric Sprott\n (the \"Selling Shareholder\"). An aggregate of 20,000,000 Shares were sold to a syndicate of\n underwriters co-led by TD Securities Inc. and Scotia Capital Inc., and\n including RBC Dominion Securities Inc., CIBC World Markets Inc., GMP\n Securities L.P., Canaccord Genuity Corp., Cormark Securities Inc. and\n Desjardins Securities Inc., at a price of $3.00 per Share (the \"Issue Price\") for gross proceeds of $60,000,000.\n\n\nThe Corporation did not receive any proceeds from the Offering. The\n Selling Shareholder intends to use the proceeds from the Offering to\n invest in funds and securities managed by Sprott or its affiliates,\n with a focus on 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 Shares at the Issue Price to the Sprott Inc. 2011 Employee\n Profit Sharing Plan Trust. Closing of the Private Placement is expected\n to occur in the next few weeks.\n\n\nThe Selling Shareholder has granted the underwriters an over-allotment\n option to purchase up to an additional 3,000,000 Shares at the Issue\n Price (the \"Over-Allotment Option\"), exercisable in whole or in part at any time for a period of up to 30\n days following closing of the Offering.\n\n\nWithout giving effect to the Private Placement or the Over-Allotment\n Option, the Selling Shareholder now owns an approximate 27.44% interest\n in the Corporation. Without giving effect to the Private Placement but\n assuming the Over-Allotment Option is exercised in full, the Selling\n Shareholder will own 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 offer...