Eric Sprott and his company, Sprott Asset Management LP, Toronto, are in the hole C$510,000, (US$487,931) and if Canadians continue winning gold medals in the Vancouver Winter Olympics, that number will grow in C$100,000 increments.
Following an initial C$210,000 donation in early February to the Toronto-based Canadian Athletes Now Fund, Mr. Sprott announced in early February that his firm, in conjunction with The Sprott Foundation, a philanthropic fund aimed at fighting homelessness and hunger in Canada, would donate C$100,000 to the CAN Fund for every gold medal won by Canada in the Olympic Games.
As of Feb. 18, three Canadians had taken gold in the games: Maelle Ricker for women's snowboard cross, Alexandre Bilodeau for men's moguls freestyle skiing and Christine Nesbitt for women's speedskating in the 1,000 meter. They are the first Canadian athletes ever to win Olympic gold in their home country.
“As an investment firm, we've delivered results to our clients by making big bets on the future — and we wanted to use the same approach to build on our athletes' successes in Vancouver by providing funding for our athletes on a longer term basis,” Mr. Sprott said in a news release.
Ida Khajadourian, senior manager of sales and marketing for Sprott Asset Management, said in an interview that the firm has also put out a call to Canadian corporations to contribute to the CAN Fund, noting firms have contributed to date at least a combined C$70,000.