Eric Sprott to sell some shares in Sprott Inc.

The founder of investment firm Sprott Inc., Eric Sprott will sell at least 25 million shares of his company, reports the Financial Post.

Read: Sprott announces Enhanced Balanced Class

The shares will be sold for $3 each. Some 20 million of the shares will be sold publicly, while the rest will go to the employee’s profit-sharing plan. The deals would reduce Sprott’s ownership of the company to 53.2 million shares. He’ll still be the company’s biggest shareholder, reports FP.

The sale comes as Sprott moves towards retirement and reduces his involvement with the company.