Sprott Physical Silver Trust Announces Exercise of Over-allotment Option by Underwriters in Follow-on Offering of Trust Units
Sprott Physical Silver Trust Etv (AMEX:PSLV)
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TORONTO, Nov. 30, 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, today announced that the underwriters
for the previously announced follow-on public offering (the "Offering")
of units ("Units") of the Trust have purchased an additional 3,075,000
Units in connection with the exercise of their over-allotment option.
Including this exercise of the over-allotment option, the gross proceeds
of the Offering were US$310,011,250, consisting of 23,575,000 Units
offered at US$13.15 per Unit.
The Trust will use the net proceeds of this 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 this Offering. The net proceeds of the Offering
per Unit are greater than 100% of the most recently calculated net
asset value per Unit of the Trust prior to pricing of the Offering, as
required under the trust agreement governing the Trust.
The Units are listed on 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.
SOURCE Sprott Physical Silver Trust