Business
Sprott Resource Lending Corp. Shareholders Approve Acquisition by Sprott Inc.
TORONTO , July 22, 2013 /CNW/ - Sprott Inc. ("Sprott" or "the Company") (TSX: SII) and S...
About this update from Sprott Inc.
[{"type":"text","content":"\n\n\nTORONTO, July 22, 2013 /CNW/ - Sprott Inc. (\"Sprott\" or \"the Company\")\n (TSX: SII) and Sprott Resource Lending Corp. (\"SIL\" or \"Sprott Resource\n Lending\") (NYSE MKT: SILU, TSX: SIL) are pleased to announce that on\n July 18, 2013, shareholders of Sprott Resource Lending approved the\n previously announced plan of arrangement involving Sprott Resource\n Lending and Sprott under the Canada Business Corporations Act pursuant to which Sprott will acquire all of the outstanding common\n shares in the capital of SIL (the \"Arrangement\").  Over 98.8% of SIL\n common shares voted at SIL's annual and special meeting of shareholders\n held on July 18, 2013, including 98.4% of SIL common shares held by\n minority shareholders, voted in favour of the special resolution\n approving the Arrangement.  On July 19, 2013, a final order approving\n the Arrangement was granted by the Ontario Superior Court of Justice. \n The Arrangement is currently scheduled to close on Wednesday, July 24,\n 2013.\n\n\n\"We are pleased with the overwhelming support the amalgamation has\n received from the shareholders of Sprott Resource Lending,\" commented\n Peter Grosskopf, CEO of Sprott. \"After completion of this transaction,\n Sprott will have more than $350 million in cash and investment capital,\n which will position us well to both sponsor new fund initiatives and\n continue the business of resource lending.\"\n\n\n\"We are pleased to be joining Sprott through a transaction that provides\n our shareholders with ownership in a larger, more diversified company\n that is well positioned to continue to build an industry leading\n resource lending franchise,\" said Murray Sinclair, Chairman of the\n Sprott Resource Lending Board of Directors.\n\n\nAbout Sprott\n\n\nSprott is a leading independent asset manager dedicated to achieving\n superior returns for its clients over the long term. The Company\n currently operates through four business units: Sprott Asset Management\n LP, Sprott Private Wealth LP, Sprott Consulting LP, and Sprott U.S.\n Holdings Inc. Sprott Asset Management is the investment manager of the\n Sprott family of mutual funds and hedge funds and discretionary managed\n accounts; Sprott Private Wealth provides wealth management services to\n high net worth individuals; and Sprott Consulting provides management,\n ...