Sprott Physical Silver Trust has completed its initial public offering for gross proceeds of US$575 million, Sprott Asset Management LP said Wednesday.

The 57.5 million units in the offering includes the exercise by the underwriters of their entire overallotment of 7.5 million units.

The units are listed on the NYSE Arca (PSLV) and the Toronto Stock Exchange (TSX:PHS.U).

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.

IE