TORONTO: Sentry Select Primary Metals Corp. (the "Corporation") (TSX:PME), is pleased to announce the results of its review of strategic alternatives for the Corporation. The Corporation’s special committee (the “Special Committee”), comprised of the independent members of the Corporation’s Board of Directors (the “Board”), has recommended, and the Board has subsequently approved, that the approval of the shareholders of the Corporation be sought to restructure the Corporation as follows:
The Special Committee has received a fairness opinion from their independent financial adviser, Grant Thornton LLP, stating that the Proposal is fair to the Corporation’s shareholders from a financial point of view.
The Proposal remains subject to the review by the Corporation’s Independent Review Committee and applicable regulatory approvals.
Redemption Fee Schedule: Depending on the year of the annual redemption, Shares may be subject to a declining Redemption Fee, payable by the redeeming shareholder out of the redemption proceeds. The Redemption Fee will be paid to the Manager and will be equal to the percentage of net asset value per Share as of the applicable redemption date as shown in the following table:
A management information circular and other proxy materials containing further information regarding the Proposal as well as the date, time and location of the Special Meeting of the Corporation’s shareholders will be provided to shareholders of record in due course.
Dividend: The Proposal is not expected to affect the Corporation’s current monthly dividend rate of $0.05 per Share.
Sentry Select Primary Metals Corp.: Sentry Select Primary Metals Corp.’s investment objective is to provide shareholders with long-term capital appreciation. The Corporation is invested in an actively managed portfolio consisting primarily of securities of mining and exploration issuers, with a current focus on gold and silver issuers.
Sentry Select Capital Inc.: Sentry Select Capital Inc., the manager of the Corporation, is a Canadian wealth management company that offers a diverse range of investment products including closed-end investment funds, mutual funds, principal-protected notes and flow-through limited partnerships, covering a variety of domestic and global mandates.
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Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions ‘‘expect’’, ‘‘intend’’, “will” and similar expressions to the extent they relate to the Corporation or the Manager. The forward-looking statements are not historical facts but reflect the Corporation’s and the Manager’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations including, but not limited to, the failure to receive any required regulatory approvals or shareholder approval to implement the Proposal. Although the Corporation and the Manager believe that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. A complete disclosure record for the Corporation, please visit the Corporation’s profile a twww.sedar.com.
Documents (including press releases) regarding the various investment funds that are managed or advised by Sentry are provided for information purposes only and cannot be relied on to be complete, exhaustive or error-free unless the complete set of documents for any given investment fund with respect to which information is being sought is reviewed and then only on SEDAR (www.sedar.com).