TORONTO,
Nov. 3 /PRNewswire-FirstCall/ -
Sprott Inc. (TSX: SII) ("Sprott") today announced that Sprott
Physical Silver Trust (the "Trust"), a trust created to invest and
hold substantially all its assets in physical silver bullion and
managed by Sprott Asset Management LP, a wholly-owned subsidiary of
Sprott, has completed its initial public offering (the "Offering")
of 57,500,000 units ("Units") at US$10.00 per Unit (including the exercise by the
underwriters of their entire overallotment of 7,500,000 Units), for
gross proceeds of US$575,000,000.
The Units are listed on the NYSE Arca and the
Toronto Stock Exchange under the symbols 'PSLV' and 'PHS.U',
respectively. The Offering was made simultaneously in the United States and Canada through a syndicate of underwriters led
by Morgan Stanley and RBC Capital Markets in the United States and RBC Capital Markets and
Morgan Stanley in Canada. The
Canadian syndicate includes TD Securities Inc., Canaccord Genuity
Corp., National Bank Financial Inc., BMO Capital Markets, HSBC
Securities (Canada) Inc., GMP
Securities L.P., Wellington West Capital Markets Inc., and Mackie
Research Capital Corporation.
Copies of the U.S. prospectus related to this
Offering may be obtained by contacting Morgan Stanley & Co.
Incorporated, 180 Varick Street, 2nd Floor, New York, New York 10014 Attention: Prospectus
Department (telephone: 866-718-1649 (toll free) or 917-606-8474) or
by e-mailing prospectus@morganstanley.com, or RBC
Capital Markets Corporation, Attention: Prospectus Department,
Three World Financial Center, 200 Vesey Street, 8th floor,
New York, New York 10281- 8098
(telephone: 212-428-6670, fax: 212-428-6260). The
offering in Canada is only being
made by the Canadian prospectus, which includes important detailed
information about the Units being offered. Copies of the
Canadian prospectus related to this Offering may be obtained by
contacting RBC Capital Markets, Attention: Distribution
Centre, 277 Front St. W., 5th Floor, Toronto, Ontario M5V 2X4 (fax:
416-313-6066) or Morgan Stanley & Co. Incorporated 180
Varick Street, 2nd Floor, New York, New
York 10014 Attention: Prospectus Department (telephone
866-718-1649 (toll free) or 917-606-8474) or by e-mailing
prospectus@morganstanley.com. Investors should read the
prospectus before making an investment decision.
Additional detail on the Trust can be found in
the final prospectus available on EDGAR (www.edgar.com) and SEDAR
(www.sedar.com) or on the Trust's website at
www.sprottphysicalsilvertrust.com.
About Sprott Asset Management
Sprott Asset Management LP (www.sprott.com), a
wholly owned subsidiary of Sprott Inc. (www.sprottinc.com) is a
fund company dedicated to achieving superior returns for its
investors over time. SAM manages assets primarily for institutions,
endowments and high net worth individuals. Sprott Asset Management
LP is the investment manager of the Sprott Funds. Commissions,
trailing commissions, management fees and expenses all may be
associated with mutual fund investments. Please read the prospectus
before investing. Mutual Funds are not guaranteed, their values
change frequently and past performance may not be repeated. The
information contained herein does not constitute an offer or
solicitation by anyone in the United
States or in any other jurisdiction in which such an offer
or solicitation is not authorized or to any person to whom it is
unlawful to make such an offer or solicitation. Prospective
investors should consult their financial advisor to determine if
these Funds may be sold in their jurisdiction.
SOURCE Sprott Inc.
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