Sprott Physical Silver Trust, a trust created to invest and hold substantially all of its assets in physical silver bullion and managed by Sprott Asset Management LP, announced Wednesday that it has priced its follow-on offering of 23 million transferable, redeemable units at US$13.20 per unit.
As part of the offering, the trust (NYSE: PSLV / TSX: PHS.U) has granted the underwriters an over-allotment option to purchase up to 3,450,000 additional units. The gross proceeds from the offering will be US$303.6 million, and US$349.14 million if the underwriters exercise in full the over-allotment option.
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 investment and operating restrictions described in the prospectus.
The offering will be made by underwriters led by Morgan Stanley and RBC Capital Markets in the United States and RBC Capital Markets and Morgan Stanley in Canada.