Updated "At-The-Market" Equity Program TORONTO, Sept. 13, 2021 (GLOBE NEWSWIRE) -- 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 it has updated its at-the-market equity program (the “ATM Program”) to issue up to an additional US$1.0 billion of units of the Trust (“Units”) in Canada.
Distributions under the ATM Program, if any, will be completed in accordance with the terms of an amended and restated sales agreement (the “Sales Agreement”) dated September 13, 2021 between Sprott Asset Management (as the manager of the Trust), the Trust, Cantor Fitzgerald Canada Corporation and Virtu ITG Canada Corp. (collectively, the “Agents”). The Sales Agreement is 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.
The offering under the ATM Program is being made pursuant to a prospectus supplement dated September 13, 2021 (the “Prospectus Supplement”) to the Trust’s Canadian amended and restated short form base shelf prospectus dated September 9, 2021 (the “Base Shelf Prospectus”, and together with the Prospectus Supplement, the “Offering Documents”). The Offering Documents are available at www.sedar.com.
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
Sprott Asset Management, a subsidiary of Sprott Inc. (NYSE/TSX: SII), is the investment manager to the Trust. Important information about the Trust, including its investment objectives and strategies, applicable management fees, and expenses, is contained in the Offering Document and the management information circular of Uranium Participation Corporation, both of which can be found on www.sprott.com/uranium and on www.sedar.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.
To learn more about the Trust, please visit www.sprott.com/uranium.