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UPDATE 1-Sprott signs agreement with Rick Rule to buy US group
January 24, 2011 / 10:21 PM / in 7 years

UPDATE 1-Sprott signs agreement with Rick Rule to buy US group

* Agreement signed with Rick Rule, Rule Family Trust

* Deal expected to close in Feb

Jan 24 (Reuters) - Canadian fund manager Sprott Inc’s (SII.TO) said it signed an agreement with Rick Rule and the Rule Family Trust to buy three U.S.-based resource investment companies as part of its expansion plans.

The company, which had announced its plans to buy Global Resource Investments, Terra Resource Investment Management and Resource Capital Investments on Sept. 22 last year, said it expects the deal to close in February. [ID:nSGE68L0I5]

Sprott’s targets are led by Rick Rule, a U.S.-based investor specializing in mining and energy.

Shares of the Toronto-based company closed at C$8.50 on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore)

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