SPROTT PHYSICAL SILVER TRUST EXPANDS ITS "AT-THE-MARKET" EQUITY PROGRAM
Sprott Asset Management LP, on behalf of Sprott Physical Silver Trust, has established an at-the-market equity program for sales of trust units of the trust in Canada. The existing at-the-market equity program in the United States remains in place.
In connection with the at-the-market equity programs in Canada and the United States, Sprott (as the manager of the trust) and the trust entered into an amended and restated sales agreement with Cantor Fitzgerald & Co., Virtu Americas LLC and Virtu ITG Canada Corp. pursuant to which the trust may sell, through the agents, acting as agent and/or principal, such number of units as would result in aggregate gross proceeds to the trust of up to $1,218,630,164.
Sales of units through the agents, acting as agent, will be made through at-the-market issuances on the Toronto Stock Exchange and the NYSE Arca or other existing trading markets in Canada and the United States at the market price prevailing at the time of each sale, and, as a result, sale prices may vary. Neither U.S. agent is registered as a dealer in any Canadian jurisdiction, and, accordingly, the U.S. agents will only sell units on marketplaces in the United States and are not permitted to and will not, directly or indirectly, advertise or solicit offers to purchase any units in Canada. The Canadian agent 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 silver bullion in accordance with the trust's objective and subject to the trust's investment and operating restrictions.
The offering under the ATM program is being made pursuant to a prospectus supplement dated Oct. 21, 2020, to the trust's Canadian short-form base-shelf prospectus dated July 16, 2020, and pursuant to a prospectus supplement dated Oct. 21, 2020, to the company's U.S. base prospectus included in its registration statement on Form F-10 (file No. 333-239933) filed with the U.S. Securities and Exchange Commission (the SEC) on July 17, 2020. The prospectus supplement and the base-shelf prospectus are available on the SEDAR website maintained by the Canadian Securities Administrators, and the U.S. prospectus supplement, the U.S. base prospectus and the registration statement are available on EDGAR at the SEC's website.
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 and NYSE will be subject to fulfilling all applicable listing requirements.