Sprott completes acquisition of Toscana Companies
10 July 2012 - 9:00PM
PR Newswire (Canada)
TORONTO, July 10, 2012 /CNW/ - Sprott Inc. ("Sprott") today
announced it has completed its acquisition of Toscana Capital
Corporation and Toscana Energy Corporation (collectively, the
"Toscana Companies"). As at the date hereof, the Toscana Companies'
managed entities have aggregate assets of approximately $160
million. "We are pleased to welcome Toscana to our organization,"
said Peter Grosskopf, CEO of Sprott. "Toscana brings us a team
focused on yield products in the energy sector, enhanced
origination and technical skills in the energy industry, and a
presence in the Calgary marketplace." "We are excited to join the
Sprott Group of Companies," said Joseph Durante, CEO of the Toscana
Companies. "The two organizations share a similar outlook and
possess complementary skillsets that will allow us to build a
stronger Calgary presence." About the Toscana Companies Toscana
Capital Corporation manages Toscana Financial Income Trust
("TFIT"), a private mutual fund trust established in June 2006
focused on providing mezzanine debt financing to mid-sized private
and public oil & gas companies. TFIT has a current
capitalization of approximately $54 million. Toscana Energy
Corporation manages Toscana Resource Corporation ("TRC"), a mutual
fund corporation established in April 2010 focused on investing in
medium and long-term oil & gas assets, unitized production
interests and royalties. TRC currently has aggregate assets that
have a value of approximately $76 million. In addition, Toscana
Energy Corporation is a technical advisor to and co-manager of
Maple Leaf 2011 Energy Income Fund LP and Maple Leaf 2011 Energy
Income Fund LP (collectively, "MLEI"), a flow-through limited
partnership focused on investing in non-operated, direct working
interests by participating in oil & gas development projects
(drilling programs). MLEI is co-managed by Toscana Energy
Corporation and a third party manager. MLEI currently has aggregate
assets that have a value of approximately $34 million. About Sprott
Inc. Sprott Inc. is a leading independent alternative asset manager
dedicated to achieving superior returns for its clients over the
long term. The Company currently operates through four business
units: Sprott Asset Management LP, Sprott Private Wealth LP, Sprott
Consulting LP, and Sprott U.S. Holdings Inc. Sprott Asset
Management is the investment manager of the Sprott family of mutual
funds and hedge funds and discretionary managed accounts; Sprott
Private Wealth provides wealth management services to high net
worth individuals; and Sprott Consulting provides management,
administrative and consulting services to other companies,
including Sprott Resource Corp. , Sprott Resource Lending Corp. and
Sprott Power Corp. . Sprott U.S. Holdings Inc. includes Sprott
Asset Management USA Inc., Resource Capital Investments Inc. and
Global Resource Investments Ltd. Sprott Inc. is headquartered in
Toronto, Canada, and its common shares are listed on the Toronto
Stock Exchange under the symbol "SII". For more information on
Sprott Inc., please visit www.sprottinc.com. Forward-Looking
Statements This release contains "forward-looking statements" which
reflect the current expectations of Sprott Inc. These
statements reflect management's current beliefs with respect to
future events and are based on information currently available to
management. Forward-looking statements in this press release
include, but are not limited to, statements with respect to the
anticipated benefits of the acquisition of the Toscana
Companies. Forward-looking statements involve significant
known and unknown risks, uncertainties and assumptions, including
with respect to the timing and receipt of all applicable regulatory
approvals. Many factors could cause actual results,
performance or achievements to be materially different from any
future results, performance or achievements that may be expressed
or implied by such forward-looking statements including, without
limitation, those listed under the heading "Risk Factors" in
Sprott's annual information form dated March 27, 2012 as well as
the potential difficulties that may be encountered in integrating
the businesses. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
statements prove incorrect, actual results, performance or
achievements could vary materially from those expressed or implied
by the forward-looking statements contained in this release.
Although the forward-looking statements contained in this release
are based upon what Sprott believes to be reasonable assumptions,
management cannot assure investors that actual results, performance
or achievements will be consistent with these forward-looking
statements. These forward-looking statements are made as of the
date of this release and Sprott does not assume any obligation to
update or revise them to reflect new events or circumstances,
except as required by law. Sprott Inc. CONTACT: Glen
WilliamsDirector of CommunicationsSprott Inc.(416)
943-4394gwilliams@sprott.com
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