TORONTO, April 07, 2017 (GLOBE NEWSWIRE) -- Sprott Inc. (TSX:SII) ("Sprott" or the "Company") today announced that, effective May 10, 2017, Eric Sprott will step down as Chairman of the board of directors (the “Board”) of Sprott and will not stand for re-election as a director. Mr. Sprott will continue to hold the title of Chairman Emeritus. It is currently anticipated that, if Mr. Jack Lee is elected as a director at the Sprott annual and special meeting of shareholders on May 10, 2017, Mr. Lee will be appointed Chairman of the Board.
“On behalf of the Board and the employees of Sprott, I would like to thank Eric for his service and contributions to the company that he founded and built,” said Mr. Lee. “In addition to his role as Chairman, over the course of his career Eric established himself as a globally-recognized precious metals expert and one of Canada’s best known fund managers. Eric is one of Sprott’s largest clients and the company will continue to be managed with the same entrepreneurial spirit and commitment to excellence that Eric instilled during his tenure.”
“After more than 40 years in the investment industry, I have decided to step down from the Board in order to focus on my personal investments and my family,” said Mr. Sprott. “With many years of experience in the natural resource industry and a long tenure on the Sprott board, Jack is the natural choice to take over as Chairman and I wish him all the best.”
Mr. Lee has over 44 years of experience in the oil and gas industry. He is currently Lead Director of the Corporation and serves as Chairman of Alaris Royalty Corp. He was previously Chairman of Canetic Resources Trust and President and Chief Executive Officer of Acclaim Energy Inc. (“Acclaim”), a predecessor of Canetic. Prior thereto, Mr. Lee was President and Chief Executive Officer of Danoil Energy Ltd., a predecessor of Acclaim. Mr. Lee has a Bachelor of Arts and a Bachelor of Commerce and is a member of the Institute of Corporate Directors.
Sprott Inc. is a global alternative asset manager with three primary lines of business: Private Resources; Exchange Listed Products; and Alternative Investment Management. The Private Resource business platform houses the Company's private resource-focused asset management activities; the Exchange Listed Products business platform houses the Company's closed-end physical trusts and exchange traded funds ("ETFs"); and the Diversified Alternative Asset Management business platform houses the Company's full suite of public mutual funds, alternative investment strategies and managed accounts. Sprott Asset Management LP is the principal subsidiary of Sprott Inc. and the manager of both the Exchange Listed Products business line and the Diversified Alternative Investment Management business line. For more information, please visit www.sprottinc.com.
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