Narinder Nagra Appointed as President of Sprott Resource Lending Corp.
TORONTO, ONTARIO -- (Marketwire) -- 12/18/12 -- Sprott Resource Lending Corp. (SILU) (the "Company" or "Sprott Resource Lending") (TSX: SIL)(NYSE Amex: SILU)(NYSE MKT: SILU) is pleased to announce that it has appointed Narinder Nagra as President of the Company. Mr. Nagra has served as the Chief Operating Officer of the Company since November 2010 and will also continue on in this role. Peter Grosskopf will continue with the Company as the Chief Executive Officer and as a member of the Company's Board of Directors.
"Over his career, Narinder has demonstrated tremendous financial expertise in structuring credit financings which have provided mutually beneficial results to both clients and investors alike. Narinder is well regarded by his peers and colleagues and as we expand our resource lending business, Narinder's contributions will be fundamental to our continued success," said Peter Grosskopf.
In order to facilitate Mr. Nagra's appointment, the Board of Directors of the Company approved minor changes to the Management Services Agreement between the Company and Sprott Lending Consulting LP (the "MSA"), which were reflected in an amendment to the MSA dated the date hereof (the "Amending Agreement"). Copies of the Amending Agreement will be available under the Company's corporate profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and on the website of the U.S. Securities and Exchange Commission at www.sec.gov.
About Sprott Resource Lending Corp.
Sprott Resource Lending specializes in lending to resource companies on a global basis. Headquartered in Toronto, the Company seeks to generate income from lending activities as well as the upside potential of bonus arrangements with borrowers generally tied to the underlying property or shares of the borrower. Pursuant to a management services agreement and partnership agreement, Sprott Lending Consulting Limited Partnership provides Sprott Resource Lending (www.sprottlending.com) day to day business management as well as other management and administrative services. Sprott Lending Consulting LP is a wholly owned subsidiary of Sprott Inc., the parent of Sprott Asset Management LP (www.sprott.com), a leading Canadian independent money manager.
For more information about Sprott Resource Lending, please visit SEDAR (www.sedar.com).
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This press release may include certain statements that constitute "forward-looking statements", and "forward-looking information" within the meaning of applicable securities laws ("forward-looking statements" and "forward-looking information" are collectively referred to as "forward-looking statements", unless otherwise stated). Such forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements may relate to the Company's future outlook and anticipated events or results and may include statements regarding the Company's future financial position, business strategy, budgets, litigation, projected costs, financial results, taxes, plans and objectives. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. These forward-looking statements were derived utilizing numerous assumptions regarding expected growth, results of operations, performance and business prospects and opportunities that could cause our actual results to differ materially from those in the forward-looking statements. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect.
Forward-looking statements should not be read as a guarantee of future performance or results. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. To the extent any forward-looking statements constitute future-oriented financial information or financial outlooks, as those terms are defined under applicable Canadian securities laws, such statements are being provided to describe the current potential of the Company and readers are cautioned that these statements may not be appropriate for any other purpose, including investment decisions. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, we assume no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If we update any one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. You should not place undue importance on forward-looking statements and should not rely upon these statements as of any other date. All forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary notice.
Contacts: Sprott Resource Lending Corp. Peter Grosskopf CEO 416-943-4998 Sprott Resource Lending Corp. Narinder Nagra President and COO 604-488-8719 Sprott Resource Lending Corp. Jim Grosdanis CFO 416-943-4698 www.sprottlending.com
Source: Sprott Resource Lending Corp.