Sprott Inc. Advised by Heenan Blaikie in IPO
TORONTO, May 12 /CNW/ - Heenan Blaikie provided legal advice to Sprott Inc. on its initial public offering (IPO) this week. The deal is a secondary offering by Sprott shareholders for gross proceeds of $200 million. Sprott's shares are scheduled to begin trading on the Toronto Stock Exchange (TSX) on Thursday, May 15, 2008, under the ticker SII. "This is a high-profile deal because Eric Sprott and his team have built a great name and reputation for themselves over the past eight years by delivering excellence in investment management to their clients," says Sonia Yung, partner with Heenan Blaikie and lead lawyer on the Sprott IPO. "It's no surprise that investors are now looking to own a piece of Sprott itself." The 20 million shares are being sold by Sprott's executives and employees, most of whom are expected to re-invest a portion of the proceeds in the firm's funds. The deal values Sprott at $1.5 billion. "Sonia and I have been providing advice to Eric Sprott and his various companies and investment vehicles for almost 20 years," says Kevin Rooney, another partner with Heenan Blaikie whose association with Mr. Sprott dates back to 1990. "It's exciting for our client to take this big step from being an employee-owned firm to being publicly traded. Lawyers from our securities, corporate, tax and employment law groups worked on this deal to help it move forward smoothly." Sprott is a leading Canadian independent asset manager with close to $7 billion in assets under management through the Sprott Funds and managed accounts. Heenan Blaikie is one of Canada's top national law firms. It delivers strategic legal advice and innovative business solutions under six broad sectors: business law, tax, labour and employment, litigation, intellectual property, and entertainment. The firm is now more than 440 lawyers strong with nine offices in Ontario, British Columbia, Alberta and Quebec.