TORONTO, Oct. 22, 2013 /CNW/ - Sprott Inc. (TSX: SII) ("Sprott") and Sprott Resource Corp. (TSX: SCP) today announced that, effective immediately, Steve Yuzpe has been named President and Chief Executive Officer ("CEO") of Sprott Resource Corp. Kevin Bambroughhas left the organization to pursue other opportunities.
Mr. Bambrough joined Sprott in 2002, founded Sprott Consulting LP in 2006 and launched Sprott Resource Corp. in 2007. He was named President of Sprott in 2009.
"On behalf of both Sprott and Sprott Resource Corp., I would like to thank Kevin for his many valuable contributions to the Sprott organization," said Peter Grosskopf, CEO of Sprott. "We wish him all the best in his future endeavours."
Mr. Yuzpe has served as Sprott Resource Corp.'s Chief Financial Officer ("CFO") and a member of the company's investment team since 2009. He is currently the Chairman of One Earth Farms Corp., as well as a Director of One Earth Oil and Gas Inc. Mr. Yuzpe holds a Bachelor of Science, Engineering (Mechanical) degree from Queen's University along with the Professional Engineering designation (P.Eng.) and a Masters in Business Administration from the Richard Ivey School of Business in London, Ontario. He is also a Chartered Financial Analyst (CFA) charterholder.
"Steve is a key member of the Sprott Resource Corp. senior management team and has an in-depth understanding of its portfolio of investments," continued Mr. Grosskopf. "We have confidence in the abilities of Steve and the executive team to continue to advance the company's business plan and create value for Sprott Resource Corp. shareholders."
Mr. Yuzpe will continue to act as Sprott Resource Corp.'s CFO on an interim basis while candidates are considered for his replacement.
Terrence Lyons (currently Lead Director of Sprott Resource Corp.) will take over as Chairman of the Sprott Resource Corp. Board of Directors. Mr. Lyons is the past Chairman of Northgate Minerals Corporation, the Lead Director and Chairman of the Audit Committee of Canaccord Genuity Group Inc., as well as a director for several other public and private corporations.
Rick Rule and Peter Grosskopf have been named Managing Directors of Sprott Resource Corp. Mr. Rule is the Chairman of Sprott US Holdings Inc. and is an internationally recognized resource investor with more than 30 years of experience in the industry. Mr. Grosskopf, who will continue to serve as CEO of Sprott Inc., has more than 24 years of investment industry experience.
About Sprott Inc.
Sprott Inc. is a leading alternative asset manager dedicated to achieving superior returns for its clients over the long term. The Company currently operates through four business units: Sprott Asset Management LP, Sprott Private Wealth LP, Sprott Consulting LP, and Sprott U.S. Holdings Inc. Sprott Asset Management is the investment manager of the Sprott family of mutual funds and hedge funds and discretionary managed accounts; Sprott Private Wealth provides wealth management services to high net worth individuals; and Sprott Consulting provides management, administrative and consulting services to other companies. Sprott U.S. Holdings Inc. includes Sprott Global Resource Investments Ltd, Sprott Asset ManagementUSA Inc., and Resource Capital Investments Corporation. Sprott Inc. is headquartered inToronto, Canada, and is listed on the Toronto Stock Exchange under the symbol "SII". For more information on Sprott Inc., please visit www.sprottinc.com.
About Sprott Resource Corp.
SRC is a Canadian-based company, the primary purpose of which is to invest and operate in natural resources. Through acquisitions, joint ventures and other investments, SRC seeks to provide its shareholders with exposure to the natural resource sector for the purposes of capital appreciation and real wealth preservation. SRC is well positioned to draw upon the considerable experience and expertise of both its Board of Directors and Sprott Consulting Limited Partnership (SCLP), of which Sprott Inc. is the sole limited partner. Pursuant to a management services agreement between SCLP and SRC, SCLP provides day-to-day business management for SRC as well as other management and administrative services. SRC invests and operates through Sprott Resource Partnership (SRP), a partnership between SRC and Sprott Resource Consulting Limited Partnership, an affiliate of SCLP which is the managing partner of SRP.
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