Sprott Inc. Announces $60 Million Secondary Offering

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[{"type":"text","content":"\n\n\nTHIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR\n FOR DISSEMINATION IN THE UNITED STATES\n\n\nTORONTO, June 24, 2014 /CNW/ - Sprott Inc. (\"Sprott\" or the\n \"Corporation\") (TSX: SII) announced today that 2176423 Ontario Ltd., a\n company controlled by Eric Sprott (the \"Selling Shareholder\"), has\n entered into an agreement with a syndicate of underwriters co-led by TD\n Securities Inc. and Scotiabank, pursuant to which the underwriters will\n purchase from the Selling Shareholder, on a bought deal basis,\n 20,000,000 common shares of the Corporation (the \"Shares\") at a price\n of $3.00 per Share (the \"Issue Price\") for gross proceeds of\n $60,000,000 (the \"Offering\"). The Selling Shareholder has also granted\n the underwriters an over-allotment option to purchase up to an\n additional 3,000,000 Shares at the Issue Price, exercisable in whole or\n in part at any time for a period of up to 30 days following closing of\n the Offering, to cover over-allotments.\n\n\nConcurrent with the Offering, the Selling Shareholder intends to enter\n into an agreement to sell, on a non-brokered private placement basis\n (the \"Private Placement\"), 5,000,000 Shares at the Issue Price to the\n Sprott Inc. 2011 Employee Profit Sharing Plan Trust. The Corporation\n will not receive any proceeds from the Offering or the Private\n Placement. All proceeds will be payable to the Selling Shareholder. The\n Selling Shareholder intends to use a substantial portion of the net\n proceeds from the Offering to invest in funds and securities managed by\n Sprott or its affiliates, with a focus on precious metal-related\n investments.\n\n\nThe offering is expected to close on or about July 15, 2014 and is\n subject to certain conditions including, but not limited to, the\n receipt of all necessary approvals, including the approval of the\n Toronto Stock Exchange. Following closing of the Offering and the\n Private Placement, the Selling Shareholder will retain an approximate\n 25.4% ownership in the Corporation (24.2% ownership if the\n over-allotment option is exercised in full).\n\n\nA preliminary short-form prospectus will be filed by no later than June\n 30, 2014 with the securities regulatory authorities in all provinces\n and territories of Canada (excluding Quebec). No securities regulatory\n authority has either ap...

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