TORONTO,
Jan. 23, 2012 /PRNewswire/ - Sprott
Physical Silver Trust (the "Trust") (NYSE: PSLV / TSX: PHS.U), a
trust created to invest and hold substantially all of its assets in
physical silver bullion and managed by Sprott Asset Management LP
(the "Manager"), today announced that it has completed its
follow-on offering of 26,450,000 units of the Trust ("Units") at
US$13.20 per Unit for gross proceeds
of US$349,140,000 (the "Offering").
This includes the exercise in full by the underwriters of their
over-allotment option. Purchasers in the Offering included
Sprott Inc. and the Sprott Foundation, which are affiliates of the
Manager.
The Trust will use the net proceeds of the
Offering to acquire physical silver bullion in accordance with the
Trust's objective and subject to the Trust's investment and
operating restrictions described in the prospectus related to the
Offering, and as of January 23, 2012
has contracted to purchase a total of approximately 10.57 million
troy ounces of physical silver bullion. Once the Trust has taken
delivery of all the silver bullion, it will publish the serial
numbers of all bars held by the Trust on its website. The net
proceeds of the Offering per Unit were greater than 100% of the
most recently calculated net asset value per Unit of the Trust
prior to, or upon determination of, pricing of the Offering, as
required under the trust agreement governing the Trust.
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 by underwriters led by Morgan Stanley
and RBC Capital Markets in the United
States and RBC Capital Markets and Morgan Stanley in
Canada.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy the Units, nor shall
there be any sale of the Units in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such jurisdiction.
Additional details 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.
SOURCE Sprott Physical Silver Trust