Sprott Physical Silver Trust Announces Exercise of Over-allotment
Option by Underwriters in Follow-on Offering of Trust Units
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