TORONTO, Feb. 15,
2023 /CNW/ - Sprott Asset Management LP ("Sprott
Asset Management"), on behalf of the Sprott Physical Uranium Trust
(TSX: U.UN) (TSX: U.U) (the "Trust" or "SPUT"), a closed-ended
trust created to invest and hold substantially all of its assets in
physical uranium, today announced that the Trust has updated its
at-the-market equity program (the "ATM Program") to issue up to an
additional US$1.3 billion of trust
units (the "Units") pursuant to a prospectus supplement dated
February 15, 2023 (the "Prospectus
Supplement") to the second amended and restated short form base
shelf prospectus dated November 22,
2021 (the "Second A&R Shelf Prospectus" and, together
with the Prospectus Supplement, the "Offering Documents"). Copies
of the Offering Documents are available at www.sedar.com.
Distributions will no longer be made under previous ATM Program
prospectus supplements, including the prospectus supplement dated
November 22, 2021.
Distributions under the ATM Program, if any, will be completed
in accordance with the terms of an amended and restated sales
agreement dated September 13, 2021,
as amended on November 22, 2021 (the
"Sales Agreement") between Sprott Asset Management (as the manager
of the Trust), the Trust, Cantor Fitzgerald Canada Corporation and
Virtu Canada Corp. (collectively, the "Agents"). The Sales
Agreement is also available at www.sedar.com.
Sales of Units through the Agents, acting as agent, will be made
through "at the market" issuances on the Toronto Stock Exchange
("TSX") or other existing trading markets in Canada at the market price prevailing at the
time of each sale, and, as a result, sale prices may vary. The
Agents may only sell Units on marketplaces in Canada.
The volume and timing of distributions under the ATM Program, if
any, will be determined in the Trust's sole discretion. The Trust
intends to use the proceeds from the ATM Program, if any, to
acquire physical uranium in accordance with the Trust's objective
and subject to the Trust's investment and operating
restrictions.
Before you invest, you should read the Offering Documents and
other documents that the Trust has filed for more complete
information about the Trust, the Sales Agreement and the ATM
Program.
Listing of the Units sold pursuant to the ATM Program on the TSX
will be subject to fulfilling all applicable listing
requirements.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which an offer,
solicitation or sale would be unlawful prior to registration or
qualifications under the securities laws of any such
jurisdiction.
About Sprott Asset Management and
the Trust
Important information about the Trust, including its investment
objectives and strategies, applicable management fees, and
expenses, can be found on its website at www.sprott.com.
Commissions, management fees, or other charges and expenses may be
associated with investing in the Trust. The performance of the
Trust is not guaranteed, its value changes frequently and past
performance is not an indication of future results.
Forward-Looking
Statements
This press release contains forward-looking information within
the meaning of applicable Canadian securities laws ("forward
looking statements"). Forward-looking statements in this press
release include, without limitation, investor demand for Units,
statements regarding the ATM Program, including the intended use of
proceeds from the sale of Units, any sale of Units and the timing
and ability of the Trust to obtain all necessary approvals in
connection with a sale of Units. With respect to the
forward-looking statements contained in this press release, the
Trust has made numerous assumptions regarding, among other things:
the price of uranium and anticipated costs and the impact of the
COVID-19 pandemic on the Trust's business, financial condition and
results of operations. While the Trust considers these assumptions
to be reasonable, these assumptions are inherently subject to
significant business, economic, competitive, market and social
uncertainties and contingencies. Additionally, there are known and
unknown risk factors that could cause the Trust's actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements contained in this press release. A
discussion of risks and uncertainties facing the Trust appears in
the Offering Documents, as updated by the Trust's continuous
disclosure filings, which are available at www.sedar.com. All
forward-looking statements herein are qualified in their entirety
by this cautionary statement, and the Trust disclaims any
obligation to revise or update any such forward-looking statements
or to publicly announce the result of any revisions to any of the
forward-looking statements contained herein to reflect future
results, events or developments, except as required by law.
SOURCE Sprott Asset Management LP