Sprott announces launch of new investment fund |
Date: Monday, March 11, 2013
Author: Investment Executive
Company to issue shares in $25 million private placement
Toronto-based Sprott Inc. (TSX: SII) Friday
announced it will seed and launch a new alternative investment fund, the
objective of which is to provide superior risk-adjusted returns to investors
by drawing on the combined expertise and resources of the firm.
Sprott also announced that it has entered into a definitive agreement with an institutional investor to issue, on a private placement basis, 7,575,758 common shares at a price of $3.30 per share, for total gross proceeds of $25 million.
The transaction is expected to close on or about March 13, and is subject to regulatory approval.