Business
SPROTT INC. ANNOUNCES LETTER OF INTENT FOR THE ACQUISITION OF GLOBAL RESOURCE INVESTMENTS LTD., TERRA RESOURCE INVESTMENT MANAGEMENT INC. AND RESOURCE CAPITAL INVESTMENTS CORP.
SPROTT INC. ANNOUNCES LETTER OF INTENT FOR THE ACQUISITION OF GLOBAL RESOURCE INVESTMENTS LTD., T...
About this update from Sprott Inc.
[{"type":"text","content":"\n\n\n\n Sep. 22, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\nRick Rule to Join Sprott Executive Team and be Nominated to Board of Directors\n\nTORONTO, Sept. 22 /CNW/ - Sprott Inc. (TSX:SII) ("Sprott") today announced the signing of a letter of intent (the "LOI") reflecting an agreement in principle with Arthur Richards Rule IV and The Rule Family Trust U/A/D 12/17/98 (the "Seller") to acquire (the "Transaction") all of the outstanding stock of Rule Investments Inc. (the owner of Global Resource Investments Ltd.), Terra Resource Investment Management Inc. and Resource Capital Investments Corp. (collectively, the "Global Companies"). Upon closing of the proposed Transaction, the LOI calls for Sprott to issue 20 million common shares in the capital of Sprott ("Sprott Shares") in consideration for the acquisition of the Global Companies, with the possibility of up to an additional 8 million common shares of Sprott to be issued as additional consideration in five years upon the attainment of certain financial performance hurdles ("Earn-out Shares").\nThe Transaction is subject to, among other things, satisfactory results of due diligence investigations of the Global Companies and the negotiation of definitive agreements. The Transaction is an arm's length transaction and is subject to the approval of all applicable regulatory authorities, including the Toronto Stock Exchange, as well as other third parties, as...