Sprott Physical Silver Trust has agreed to an initial public offering for gross proceeds of US$500 million, Sprott Asset Management LP said Friday.
The trust will issue 50 million transferable, redeemable units at US$10 per unit.
It was created to invest and hold substantially all its assets in physical silver bullion and managed is by Sprott,
The units will be listed on the NYSE Arca and the Toronto Stock Exchange under the symbols PSLV and PHS.U, respectively.
As part of the offering, the Trust has granted the underwriters an over-allotment option to purchase up to an additional 7,500,000 units at US$10 per unit.
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
Sprott Physical Silver Trust announces $500 million IPO
Offering simultaneously made in the U.S. and Canada
- By: IE Staff
- October 31, 2010 October 31, 2010
- 09:17
IE Staff