Sprott Inc. (“Sprott”) (NYSE/TSX: SII) announced today that Sprott
Asset Management LP (“Sprott Asset Management”), a wholly-owned
subsidiary of Sprott, has entered into a definitive agreement (the
“Agreement”) with North Shore Indices, Inc. to acquire an exclusive
licence to use the North Shore Global Uranium Mining Index (the
“Index”), the performance of which the North Shore Global Uranium
Mining ETF (“URNM”), a series of Exchange Traded Concepts Trust
(the “Trust”), seeks to track.
In connection with the Agreement, and subject to
the approval of a reorganization by both the Board of Trustees of
the Trust and shareholders of URNM, it is anticipated that URNM
would be reorganized into a newly created series of the Sprott
Funds Trust, the Sprott Uranium Miners ETF, which series will be
advised by Sprott Asset Management and sub-advised by ALPS
Advisors, Inc. Assuming the transaction is approved by the Board of
Trustees of the Trust and the shareholders of URNM, the
reorganization is expected to close in the first quarter of
2022.
“We believe we are in the early stages of a
uranium bull market and URNM is a perfect complement to the Sprott
Physical Uranium Trust (“SPUT”), which is the world’s largest
physical uranium fund,” said John Ciampaglia, CEO of Sprott Asset
Management. “URNM is the only US-listed pure-play uranium equities
ETF and we look forward to providing investors with two compelling
options to invest in the sector.”
Fund Reorganization
InformationPursuant to an agreement and plan of
reorganization, upon completion of the proposed fund
reorganization, each shareholder of URNM would become a shareholder
of the Sprott Uranium Miners ETF. The Sprott Uranium Miners ETF’s
investment objective, principal investment strategies, and
fundamental and non-fundamental policies will be substantially
similar to those of URNM. A definitive registration statement
containing a proxy statement/prospectus, as well as the agreement
and plan of reorganization, related to soliciting approval by the
shareholders of URNM is expected to be filed with the Securities
and Exchange Commission (“SEC”) in December 2021 or sooner.
A Registration Statement for the Sprott Uranium
Miners ETF has been filed with the SEC but is not yet effective.
Information contained herein is subject to completion or amendment.
Fund securities may not be sold nor may offers to buy be accepted
prior to the time the Registration Statement becomes effective.
Investors and shareholders of URNM are urged to
the read the proxy statement/prospectus filed with the SEC
carefully and in its entirety when it becomes available because it
will contain important information about the fund reorganization.
The proxy statement/prospectus will not constitute an offer to buy
or sell securities in any jurisdiction where such offer or sale is
not permitted. Shareholders may obtain a free copy of the proxy
statement/prospectus (when it becomes available) at the SEC’s web
site at www.sec.gov.
This information shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of these securities in any jurisdiction in which such
offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. This press release is also not intended to solicit a
proxy from any shareholder of URNM. The solicitation of the
purchase or sale of securities or of proxies to effect the fund
reorganization will only be made by a definitive proxy
statement/prospectus.
Investors should consider a fund’s
investment objectives, risks, charges and expenses before
investing. The prospectus and the summary prospectus contain this
and other information about the fund. To obtain a prospectus or a
summary prospectus of a series of the Sprott Funds Trust, contact
your financial advisor or download and/or request one at
https://sprott.com/investment-strategies/mining-equity-funds/ or
call Sprott Asset Management at 888.622.1813; the prospectus and
summary prospectus for URNM can be obtained from your financial
advisor, by calling 877-URNM-ETF (876-6383), or at
https://urnmetf.com/investor-materials. Please read the prospectus
and/or summary prospectus carefully before investing. Past
performance is no guarantee of future results.
URNM is advised by Exchange Traded Concepts, LLC
(“ETC”) and distributed by SEI Investments Distribution Co., FINRA
Member, (1 Freedom Valley Drive, Oaks, PA 19456), which is not
affiliated with ETC, North Shore Indices, Inc. or any affiliates.
Investments in URNM are not insured by the FDIC or any other
governmental agency, are subject to risks, including a possible
loss of the principal amount invested. ALPS Distributors, Inc. will
be the distributor for the Sprott Uranium Miners ETF and is a
registered broker-dealer and FINRA Member.
Seward & Kissel LLP is serving as legal
counsel to Sprott Asset Management. Thompson Hine LLP is serving as
legal counsel to the Sprott Uranium Miners ETF.
About SprottSprott is a global
leader in precious metal and real asset investments. With offices
in Toronto, New York and London, Sprott is dedicated to providing
investors with specialized investment strategies that include
Exchange Listed Products, Managed Equities, Lending and Brokerage.
Sprott’s common shares are listed on the New York Stock Exchange
under the symbol SII and Toronto Stock Exchange under the symbol
SII. For more information, please visit www.sprott.com.
About ETCExchange Traded
Concepts is a SEC Registered Investment Adviser specializing in
Private Label ETFs. ETC helps clients launch passive and active
ETFs under the Investment Company Act of 1940. ETC provides an
efficient and cost-effective method to bring exchange-traded funds
to market with the operational and regulatory experience necessary.
ETC currently manages, advises, and sub-advises 51 ETFs with more
than $8 billion in AUM and provides a full service turn key
platform to launch and manage ETFs. Additional information can be
found on ETC’s website, www.exchangetradedconcepts.com.
Cautionary Statement Regarding
Forward-Looking StatementsCertain information set forth in
this press release contains “forward-looking statements” and
“forward-looking information” (collectively, “forward-looking
statements”) under applicable securities laws, including, but not
limited to, information relating to the potential completion of the
proposed transaction involving the acquisition by Sprott Asset
Management of certain assets relating to managing URNM and the
related fund reorganization; the expected benefits of the
transaction and the related fund organization, including with
respect to anticipated timing for the closing of the transaction
and the related fund reorganization; the satisfaction of closing
conditions including, but not limited to, approval by the Board of
Trustees of Exchange Traded Concepts Trust, by the Board of
Trustees of Sprott Funds Trust and by the shareholders of URNM of a
fund reorganization, other necessary regulatory or stock exchange
approvals, and other customary conditions to closing, all of which
are subject to risks, uncertainties and assumptions. Some of the
forward-looking statements may be identified by words such as
“will”, “estimates”, “expects” “anticipates”, “believes”,
“projects”, “plans”, “capacity”, “hope”, “forecast”, “anticipate”,
“could” and similar expressions. These statements are not
guarantees of future performance and undue reliance should not be
placed on them. Such forward-looking statements necessarily involve
known and unknown risks and uncertainties and assumptions. These
risks, uncertainties and assumptions include, but are not limited
to: the potential risk that the transaction and the related fund
reorganization will not be approved by the Board of Trustees of
Exchange Traded Concepts Trust, by the Board of Trustees of Sprott
Funds Trust or by the shareholders of URNM; failure to, in a timely
manner, or at all, obtain the other necessary approvals for the
transaction and related fund reorganization; failure of the parties
to otherwise satisfy the conditions to complete the transaction and
related fund reorganization; the effect of the announcement of the
transaction and related transaction on URNM generally; transaction
costs; and other customary risks associated with transactions of
this nature. As a consequence, actual results in the future may
differ materially from any forward-looking statement, forecast or
projection, whether expressed or implied. Therefore,
forward-looking statements should be considered carefully and undue
reliance should not be placed on them. Please note that
forward-looking statements in this news release reflect
expectations as of the date hereof, and thus are subject to change
thereafter. Sprott disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law. Factors that could cause anticipated opportunities and actual
results to differ materially include, but are not limited to,
matters referred to above and those matters identified in the Risk
Factors section and elsewhere in the most recent annual information
form and annual MD&A of Sprott, which are available under its
profile on SEDAR at www.sedar.com and EDGAR at www.sec.gov.
Investor contact
information:Glen WilliamsManaging Director Investor and
Institutional Client Relations;Head of Corporate Communications
(416) 943-4394gwilliams@sprott.com
Media contact information:Dan
Gagnier / Jeff MathewsGagnier
Communications646-569-5897sprott@gagnierfc.com
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