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Sprott Inc Announces Acquisition Of Sprott Resource Lending Corp

Wednesday, 8 May 2013 03:47pm EDT 

Sprott Inc (Sprott) and Sprott Resource Lending Corp announced that they have entered into a definitive agreement pursuant to which Sprott will acquire, by way of a court-approved plan of arrangement under the Canada Business Corporations Act (CBCA), all of the issued and outstanding common shares of Sprott Resource Lending. Pursuant to the terms of the Arrangement Agreement, each Sprott Resource Lending shareholder (other than Sprott) will receive 0.5 of a Sprott common share and CAD0.15 in cash for each Sprott Resource Lending common share held, implying an offer of CAD1.65 per share based on Sprott's closing price on the Toronto Stock Exchange (TSX) on May 7, 2013. The offer represents approximately a 20.4% premium to the Company's 20-day volume weighted average price on the TSX for the period ending May 7, 2013 and a 11.5% premium to the Company's closing price on the TSX on May 7, 2013. The transaction values the Company's equity at approximately CAD243 million on a non-diluted basis. Following completion of the transaction, Sprott Resource Lending shareholders will own approximately 28.1% of Sprott's outstanding common shares on a non-diluted basis, based on their current shareholdings in Sprott Resource Lending. 

Company Quote

-0.02 -0.83%
24 Dec 2014