Business
Sprott Launches New Offshore Fund with Zijin Mining Group
TORONTO , Sept. 27, 2013 /CNW/ - Sprott Inc. (TSX: SII) ("Sprott" or the "Company") toda...
About this update from Sprott Inc.
[{"type":"text","content":"\n\n\nTORONTO, Sept. 27, 2013 /CNW/ - Sprott Inc. (TSX: SII) (\"Sprott\" or the\n \"Company\") today announced that it has launched a new offshore global\n mining fund (the \"Fund\") with Zijin Mining Group Company Limited\n (\"Zijin\"). All relevant regulatory approvals have been received in\n Canada and the People's Republic of China and the Fund has been\n initially seeded with US$100 million from Zijin and US$10 million from\n Sprott.\n\n\n\"We are very pleased to launch this new fund which will allow us to open\n a new market for our investment products,\" said Peter Grosskopf, CEO of\n Sprott. \"Zijin is the largest gold producer and the second largest\n mined copper producer in China and is listed on both the Hong Kong and\n Shanghai stock exchanges. We believe the combination of Zijin's\n technical strengths and Sprott's resource investment expertise will\n prove to be an attractive option for investors looking to invest in the\n mining sector with a focus on gold.\"\n\n\nThe Fund management company is a joint venture between Sprott and Zijin\n and will invest primarily in the publically-listed equity and debt\n instruments of gold, other precious metals and copper mining companies.\n The Fund will be co-managed by affiliates of Sprott and Zijin. Under\n the joint venture agreement, Americas Now Resources Investment\n Management Corp. has agreed to provide technical and marketing services\n to the Fund.\n\n\nThe target size of the Fund is US$500 million and the Company\n anticipates receiving additional commitments from onshore Chinese\n investors beginning in the fourth quarter of 2013.\n\n\nForward-Looking Statements \n\n\nThis release contains \"forward-looking statements\" which reflect the\n current expectations of the Company. These statements reflect\n management's current beliefs with respect to future events and are\n based on information currently available to management. Forward-looking\n statements involve significant known and unknown risks, uncertainties\n and assumptions. Many factors could cause actual results, performance\n or achievements to be materially different from any future results,\n performance or achievements that may be expressed or implied by such\n forward-looking statements including, without limitation, those listed\n under the heading \"Risk Factors\" in the Company's annual information\...