Sprott Asset Management Inc. today announced that the Sprott Canadian Equity Fund will be re-opened to subscriptions, effective Jan. 4, 2005.
The company says the decision to re-open the fund stems from continued extensive research and uncovering of new and exciting investment opportunities for the fund.
The initial decision to cap the fund on June 30, 2004, was made by the managers in an effort to maintain and maximize the fund’s performance.
Sprott reserves the right to re-cap the fund should the growth rate of subscriptions exceed the pace of investment opportunities during what the firm believes to be a difficult and long-term secular bear market.
When it re-opens, the fund will be available to all residents of Canada with a minimum initial purchase of $5,000, and subsequent minimum purchases of $500. The fund will also be available for pre-authorized chequing plan.
The fund will have three series of units available to investors:
- Series A units (SPR 001) will be available to all investors;
- Series I units will be available to qualified and approved institutional investors; and
- Series F units (SPR 100) will be available to investors who participate in fee based programs through their dealer and whose dealer has signed a Series F agreement with Sprott.