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May 22, 2013 Sections
Business
The Canadian Press - ONLINE EDITION
Sprott lines up $25 million of equity financing ahead of fund launch
A man enters the Sprott Inc. Annual General Meeting in Toronto on May 23, 2012. THE CANADIAN PRESS/Aaron Vincent Elkaim
TORONTO - A Toronto investment management firm known for innovative strategies says it's planning to launch a new alternative fund and has lined up $25 million of seed money from an institutional investor.
Sprott Inc. (TSX:SII) says the unidentified investor will pay $3.30 per share for about $7.5 million common shares through a private placement.
Its publicly traded stock closed Thursday at $3.57 on the Toronto Stock Exchange.
Sprott, which manages hedge funds, bullion funds and mutual funds on behalf of investors, expects the equity investment to close March 13,
It had about $10 billion of assets under management and $4 billion under administration at the end of September, according to the company's most recent financial report.
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