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Sprott Power Securityholders Approve Arrangement; First Asset PowerGen Fund Meeting Adjourned

TORONTO, January 13, 2011 - Sprott Power Corp. ("Sprott Power") announced today that, at its special meeting of securityholders held today, securityholders approved the arrangement resolution regarding the combination of Sprott Power and First Asset Power Gen Fund (TSX:PGT.UN) ("PowerGen"). Shareholders of Sprott Power also approved the new stock option plan of the combined company.

PowerGen announced today that the special meeting of unitholders of PowerGen (the "PowerGen Meeting") scheduled for January 13, 2010 was adjourned due to a lack of quorum to 10:00 a.m. (Toronto time) on Monday, January 24, 2010 at the offices of Blake, Cassels & Graydon LLP, 199 Bay Street, Commerce Court West, 23rd Floor, Toronto, Ontario. The record date for unitholders entitled to vote at the PowerGen Meeting (as adjourned) remains the close of business on December 8, 2010, as described in the Notice of Special Meeting dated December 14, 2010. At the adjourned meeting, quorum will consist of the units represented in person or by proxy.

Barry Gordon, the President of the manager of PowerGen, said "we urge any unitholders who have not yet voted to vote in favour of the merger with Sprott Power. We believe it continues to be in the best interests of unitholders and the merged entity will provide a strong platform for future growth and distributions".

For more information on Sprott Power, please visit www.sprottpower.com or contact Jeff Jenner at jjenner@sprottpower.com.

For further information, please call First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.