Eric Sprott announces acquisition of Common Shares of Sprott Inc.
TORONTO, May 15 /CNW/ - Eric Sprott, President and Chief Executive Officer of Sprott Inc. ("Sprott") and Chairman, President and Chief Executive Officer of Sprott Asset Management Inc. ("SAM"), acquired ownership of 102,141,270 common shares of Sprott ("Common Shares"), today. The Common Shares acquired by Mr. Sprott represent approximately 68.09% of the outstanding Common Shares. Earlier today, Mr. Sprott acquired ownership of 117,131,373 Common Shares in exchange for 4,258,657 common shares of SAM, a private company, pursuant to a share exchange agreement entered into with SAM, Sprott and other shareholders of SAM, as a result of which SAM became a wholly-owned subsidiary of Sprott. Immediately thereafter, in connection with an initial public offering by way of secondary offering of Common Shares through a prospectus of Sprott dated May 8, 2008, Mr. Sprott sold 14,990,103 Common Shares, priced at $10.00 per share, for net holdings of 102,141,270 Common Shares as set forth above. The Common Shares were acquired, without any joint actors, for investment purposes and Mr. Sprott may increase or decrease his investment in Sprott depending on market conditions or any other relevant factors. Eric Sprott. 2700-200 Bay Street Royal Bank Plaza South Tower Toronto, Ontario M5J 2J1