Mr.Peter Grosskopf reports
SPROTT COMPLETES ACQUISITION OF CENTRAL FUND OF CANADA
Sprott Inc. has successfully completed its previously announced acquisition of the common shares of Central Fund of Canada Ltd. (CFCL) and the right to administer and manage CFCL's assets.CFCL's Class A shareholders are now unitholders of the newly created Sprott Physical Gold and Silver Trust. The new trust will begin trading on Jan. 16, 2018, on the NYSE(New York Stock Exchange) Arca under the symbol CEF and on the Toronto Stock Exchange under the symbol CEF.U.
"This transaction reinforces Sprott's position as a global leader in precious metals investing and enhances our gold and silver exposure amid growing investor interest in the sector," said Peter Grosskopf, chief executive officer of Sprott. "The acquisition doubles the size our exchange-listed products franchise, drives significant revenue growth from that business and increases our total AUM [assets under management] to more than $11.5-billion."
The trust is a unique vehicle that provides investors the ability to own both physical gold and physical silver bullion. Storage for the trust will be provided by the Royal Canadian mint.
About Sprott Inc.
Sprott is an alternative asset manager and a global leader in precious metal and real asset investments. Through its subsidiaries in Canada, the United States and Asia, the company is dedicated to providing investors with best-in-class investment strategies that include exchange-listed products, alternative asset management and private resource investments. The company also operates merchant banking and brokerage businesses in both Canada and the United States.
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