The Vancouver 2010 Olympic Games have come to a close, and the Canadian Athletes Now Fund is $1.6 million richer thanks to donations by investment firm Sprott Asset Management LP.

The Toronto-based firm, whose CEO Eric Sprott is well known for his bullish views on gold, donated $100,000 to the fund each time a Canadian won a gold metal at the Olympics — 14 times in total, for total donations of $1.4 million.

The company also donated $210,000 to the fund prior to the games, to help 35 wait-listed athletes get funding they needed. A website set up by Sprott to allow other individuals and companies to make contributions generated another $100,000 throughout the Games.

Sprott had been hoping for 15 gold metals, but was thrilled with the results of the Games, according to Ida Nowak-Khajadourian, senior manager of sales and marketing at Sprott.

“We were expecting 10, and hoping for 15, so we were pretty excited,” she said. “It turned into this big celebration.”

The Canadian Athletes Now Fund is a non-profit organization devoted to raising funds and awareness for Canada’s athletes. Monies donated to the fund are put directly into the hands of Canadian elite athletes to support their training, coaching, nutrition and living expenses in preparation for international competition.

Many people are not aware of the financial hardships facing athletes in Canada, according to Nowak-Khajadourian. After spending time in Vancouver and meeting several athletes during the Games, she learned that many athletes carry hefty debt loads, and some struggle to afford basic necessities.

“These athletes, after competing in the Olympic Games or in international competitions, they often find themselves in debt,” she said, “I don’t think most people know really what goes on and how little support they get from the government, but then they’re expected to come home with gold metals. It’s really difficult.”

Added Nowak-Khajadourian: “To be able to talk to these athletes and their families directly, and see what kind of struggles they really go through — it was quite touching.”

The Canadian Athletes Now Fund expressed thanks for Sprott’s support throughout the Games. “Eric Sprott reminds all Canadians to celebrate excellence and the necessity of providing ongoing direct funding to our athletes,” said Jane Roos, the founder of the fund.”

A website for the Sprott Canadian Gold Metal Celebration – www.sprottgoldpledge.com – encouraged others to join in celebrating and raised over $100,000 through donations from fellow corporate donors as well as individual Canadians. The website will be available for ongoing donations until April 1.

Sprott Asset Management is a subsidiary of Sprott Inc. (TSX:SII).

IE