Sprott Energy Opportunities Trust Announces Closing of $45 Million Initial Public Offering
TORONTO, Dec. 20, 2016 (GLOBE NEWSWIRE) -- Sprott Asset Management LP (“Sprott”) is pleased to announce the closing of the initial public offering (the “Offering”) of trust units (the “Units”) of Sprott Energy Opportunities Trust (the “Trust”). The Trust issued Units for gross proceeds of approximately $45 million. The Trust has granted the agents an over-allotment option, exercisable for a period of 30 days from today’s date, to purchase up to an additional 15% of the number of Units issued in today’s closing. The Units are listed on the Toronto Stock Exchange under the symbol “NRGY.UN”.
Investment Objective of the Trust
The investment objective of the Trust is to achieve long-term capital growth. The Trust has been created to invest in an actively managed portfolio (the “Portfolio”) comprised primarily of equity and equity-related securities of companies that are involved directly or indirectly in the exploration, development, production and distribution of oil, gas, coal, or uranium and other related activities in the energy and resource sector.
Sprott will act as manager and portfolio manager of the Trust. Portfolio manager Eric Nuttall will manage the Portfolio and will be supported by Sprott’s broader team of experienced investment professionals.
The offering is being conducted by a syndicate of agents led by RBC Capital Markets, CIBC and TD Securities Inc. and including BMO Capital Markets, National Bank Financial Inc., Scotiabank, GMP Securities L.P., Manulife Securities Incorporated, Raymond James Ltd., Canaccord Genuity Corp., Desjardins Securities Inc., Industrial Alliance Securities Inc. and Sprott Private Wealth LP.
This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from any of the above-mentioned agents. Investors should read the prospectus before making an investment decision.
The Units have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States, and may not be offered or sold, directly or indirectly, in the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable securities laws of any state of the United States or in reliance on an exemption from such registration requirements. This news release does not constitute an offer to sell, or a solicitation of an offer to buy any of the securities set out herein in the United States.
About Sprott Asset Management LP
Sprott Asset Management LP is a leading independent asset management company headquartered in Toronto, Canada. The company manages the Sprott family of mutual funds, hedge funds, physical bullion funds and specialty products and is dedicated to achieving superior returns for its investors over the long term. The company also manages discretionary managed accounts. Please visit us at www.sprott.com to learn more about our investment professionals and their market insights.
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expects”, “intends”, “anticipates”, “will” and similar expressions to the extent that they relate to the Trust. The forward-looking statements are not historical facts but reflect Sprott's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although Sprott believes the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Neither the Trust nor Sprott undertake any obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.