Press Releases

First Asset PowerGen Fund Unitholders Approve Arrangement With Sprott Power Corp.

TORONTO, January 24, 2011 - First Asset PowerGen Fund (the "Fund") (TSX:PGT.UN) and Sprott Power Corp. announce that at the special meeting of unitholders held today, the unitholders approved the arrangement resolution regarding the combination of Sprott Power Corp. and the Fund (the "Arrangement"). Unitholders also approved the new stock option plan of the combined company.

The parties expect to implement the Arrangement on or about January 31, 2011, subject to satisfaction of all remaining conditions to the closing of the Arrangement, including receipt of all required consents and approvals.

Sprott Power Corp. also announces that it intends to complete the acquisition of Sky Generation Inc. on the same timeline, subject to satisfaction of all remaining conditions.

For more information on Sprott Power, please visit www.sprottpower.com or contact Jeff Jenner at jjenner@sprottpower.com. For more information on the Fund, please visit www.firstasset.com or call 416-642-1289 or 1-877-642-1289.