Sprott Inc. closes initial public offering
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ TORONTO, May 15 /CNW/ - Sprott Inc. (the "Company") is pleased to announce that it has completed its previously announced initial public offering by way of a secondary offering of common shares. Pursuant to the offering, certain shareholders of Sprott Inc. sold 20,000,000 common shares at an offering price of $10.00 per share for aggregate proceeds of $200 million. In addition, certain of the selling shareholders have granted an over-allotment option to the underwriters to purchase up to an additional 3,000,000 common shares at the offering price, such option to expire on June 14, 2008. The underwriting syndicate for the offering was co-led by Cormark Securities Inc. and TD Securities Inc. and included CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., GMP Securities L.P., Canaccord Capital Corporation, National Bank Financial Inc., Jennings Capital Inc., Paradigm Capital Inc. and Clarus Securities Inc. The Company's common shares are listed on the Toronto Stock Exchange under the symbol "SII". Immediately prior to the closing of the offering, the Company acquired 100% of the outstanding shares of Sprott Asset Management Inc. ("SAM"). SAM is a leading independent asset manager with approximately $6.8 billion in assets under management. SAM is the manager of the Sprott Funds.