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Sprott Physical Silver Trust Announces Initial Public Offering of 50,000,000 Trust Units
Sprott Physical Silver Trust Announces Initial Public Offering of 50,000,000 Trust Units
About this update from Sprott Inc.
[{"type":"text","content":"\n\n\n\n Oct. 29, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTORONTO, Oct. 29 /CNW/ - Sprott Inc. (TSX: SII) ("Sprott") today\n announced that Sprott Physical Silver Trust (the "Trust"), a trust\n created to invest and hold substantially all its assets in physical\n silver bullion and managed by Sprott Asset Management LP, a\n wholly-owned subsidiary of Sprott, has agreed to issue in its initial\n public offering (the "Offering") 50,000,000 transferable, redeemable\n units of the Trust ("Units") at US$10.00 per Unit, for gross proceeds\n of US$500,000,000.  As part of the Offering, the Trust has granted the\n underwriters an over-allotment option which is exercisable in whole or\n in part to purchase up to an additional 7,500,000 Units at US$10.00 per\n Unit.\n\n\nThe Units will be listed on the NYSE Arca and the Toronto Stock Exchange\n under the symbols 'PSLV' and 'PHS.U', respectively.  The Offering was\n made simultaneously in the United States and Canada through a syndicate\n of underwriters led by Morgan Stanley and RBC Capital Markets in the\n United States and RBC Capital Markets and Morgan Stanley in Canada. The\n Canadian syndicate includes TD Securities Inc., Canaccord Genuity\n Corp., National Bank Financial Inc., BMO Capital Markets, HSBC\n Securities (Canada) Inc., GMP Securities L.P., Wellington West Capital\n Markets Inc., and Mackie Research Capital Corporation.\n\n\nCopies of the U.S. prospectus related to...