Sprott 2017 Flow-Through Limited Partnership Completes Initial Public Offering, Raises Maximum Offering of $50 Million
TORONTO, Feb. 28, 2017 (GLOBE NEWSWIRE) -- Sprott Asset Management LP ("Sprott") is pleased to announce that the Sprott 2017 Flow-Through Limited Partnership (the "Partnership") has completed the final closing of its initial public offering of limited partnership units (the "Units") pursuant to a prospectus dated January 25, 2017. The Partnership raised $9,267,575 on the sale of an additional 370,703 Units at $25.00 per Unit for aggregate gross proceeds of $50 million, the maximum offering under the prospectus.
Investment Objective of the Partnership
The Partnership's investment objective is to achieve capital appreciation and significant tax benefits for Limited Partners by investing in a diversified portfolio of Flow-Through Shares and other securities, if any, of Resource Issuers.
Attractive Tax-Reduction Benefits
Flow-through partnerships are one of the most effective tax reduction strategies available to Canadians. Sprott anticipates that investors participating in the Partnership will be eligible to receive a tax deduction of approximately 100% of the amount invested.
Portfolio manager Jason Mayer will manage the Partnership and will be supported by Sprott's broader team of experienced resource investment professionals.
The offering was made through a syndicate of agents co-led by RBC Capital Markets, CIBC World Markets Inc. and Scotia Capital Inc. and included BMO Nesbitt Burns Inc., National Bank Financial Inc., TD Securities Inc., GMP Securities L.P., Manulife Securities Incorporated, Raymond James Ltd., Canaccord Genuity Corp., Desjardins Securities Inc., Industrial Alliance Securities Inc. and Echelon Wealth Partners Inc.
About Sprott Asset Management LP
Sprott is a leading independent asset management company headquartered in Toronto, Canada. The company manages the Sprott family of mutual funds, hedge funds, physical bullion funds and specialty products and is dedicated to achieving superior returns for its investors over the long term. The company also manages discretionary managed accounts. Please visit us at www.sprott.com to learn more about our investment professionals and their market insights.
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expects", "intends", "anticipates", "will" and similar expressions to the extent that they relate to the Partnership. The forward-looking statements are not historical facts but reflect the General Partner's and Sprott's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the General Partner and Sprott believe the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Neither the General Partner nor Sprott undertake any obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
Source: Sprott Asset Management