Sprott Resource Lending Corp.
TSX : SIL
NYSE Amex : SILU

Sprott Resource Lending Corp.

May 12, 2011 07:30 ET

Sprott Resource Lending Corp. Announces Results of Its Annual and Special Meeting of Shareholders

TORONTO, ONTARIO--(Marketwire - May 12, 2011) - Sprott Resource Lending Corp. (the "Corporation" or "Sprott Resource Lending") (TSX:SIL)(NYSE Amex:SILU) today reported the results of its Annual and Special Meeting of the Corporation's shareholders held on May 11, 2011. Sprott Resource Lending is pleased to announce that all resolutions put forward in the Management Proxy Circular dated April 11, 2011 (the "Circular") to shareholders were overwhelmingly approved.

The resolutions put forward at the meeting and approved by the shareholders include:

  1. Re-election of Robert Atkinson, Brian E. Bayley, W. David Black, John P. Embry, Peter F. Grosskopf, W. Murray John, Dale C. Peniuk, Stewart J.L. Robertson and A. Murray Sinclair to the Board of Directors of the Corporation (the "Board").

  2. Election of Robert M. Buchan to the Board. Mr. Buchan was previously a Director of the Corporation from 2003 to 2008 and is currently the Executive Chairman of Allied-Nevada Gold Corp., Chairman, President and CEO of Elgin Mining Inc. and Chairman of Angus Mining (Namibia) Inc . Sprott Resource Lending would like to welcome Mr. Buchan to the Board.

  3. Appointment of PricewaterhouseCoopers LLP, Chartered Accountants, of Toronto, Ontario as auditors for the Corporation.

  4. Amendment of the definition of "Annual Hurdle" contained in the Partnership Agreement dated September 7, 2010 among the Corporation, its wholly owned subsidiary and Sprott Lending Consulting LP.

  5. Authorizing the Corporation to amend its articles to change the province in which its registered office is located from British Columbia to Ontario.

For further details of each of the above matters, please refer to the Management Proxy Circular of the Corporation dated April 11, 2011 filed on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

With the Corporation's focus in natural resource lending and diminishing real estate loans, Frank B. Mayer and Walter Traub did not stand for re-election to the Board. The Corporation would like to thank Mr. Mayer and Mr. Traub for their contributions to Sprott Resource Lending and wish them continued success in their future business endeavors.

About Sprott Resource Lending Corp.

Sprott Resource Lending specializes in bridge and mezzanine lending to precious and base metal mining, exploration and development companies and energy companies on a global basis. Headquartered in Toronto, the Corporation 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.

Sprott Resource Lending (www.sprottlending.com) was founded by Quest Capital Corp. and Sprott Lending Consulting Limited Partnership. 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).

CAUTION REGARDING FORWARD-LOOKING INFORMATION

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 Corporation's future outlook and anticipated events or results and may include statements regarding the Corporation'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 Corporation 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 Corporation 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.

Contact Information

  • Sprott Resource Lending Corp.
    Peter Grosskopf
    President and CEO
    416.943.4998

    Sprott Resource Lending Corp.
    Jim Grosdanis
    CFO
    416.943.4698
    www.sprottlending.com