Sprott Asset Management Inc. - s. 213(3)(b) of the LTCA

Headnote

Clause 213(3)(b) of the Loan and Trust Corporations Act -- application by manager, with no prior track record acting as trustee, for approval to act as trustee of pooled funds and future pooled funds to be established and managed by the applicant and offered pursuant to a prospectus exemption.

Statutes Cited

Loan and Trust Corporations Act, R.S.O. 1990, c. L.25, as am., s. 213(3)(b).

September 28, 2007

Dear Sirs/Mesdames:

Further to your application dated July 20, 2007 (the "Application"), filed on behalf of the Applicant, and based on the facts set out in the Application and the representations by the Applicant that the assets of Sprott Bull/Bear RSP Fund and Sprott Opportunities RSP Fund and such other funds as the Applicant may establish from time to time will be held in the custody of a trust company incorporated and licensed or registered under the laws of Canada or a jurisdiction or a bank listed in Schedule I, II or III of the Bank Act (Canada) or an affiliate of such bank or trust company, the Ontario Securities Commission (the Commission) makes the following order:

Pursuant to the authority conferred on the Commission in clause 213(3)(b) of the Loan and Trust Corporations Act (Ontario), the Commission approves the proposal that the Applicant act as trustee of Sprott Bull/Bear RSP Fund and Sprott Opportunities RSP Fund and such other funds as the Applicant may establish from time to time, the securities of which will be offered pursuant to a prospectus exemption.

Yours truly,

"Kevin J. Kelly"

"Suresh Thakrar"