Sprott Physical Gold Trust complete follow-on offering units |
Date: Wednesday, June 2, 2010
Author: Investment Executive
Sprott Physical Gold Trust has completed its follow-on
offering of 24,840,000 units at US$11.25 per unit for gross proceeds of
US$279,450,000.
The trust will use the net proceeds of the
offering to acquire physical gold bullion.
The trust was created
to invest and hold substantially all of its assets in physical gold
bullion and managed by Sprott Asset Management LP.
The offering
was made simultaneously in the United States and Canada through a
syndicate of underwriters led by Morgan Stanley and RBC Capital Markets
in the United States and RBC Capital Markets and Morgan Stanley in
Canada. The underwriters for the Offering in Canada also included TD
Securities Inc., BMO Capital Markets, Canaccord Genuity Corp., HSBC
Securities (Canada) Inc., National Bank Financial Inc. and GMP
Securities L.P.
The offering includes the exercise in full by the
underwriters of their over-allotment option.
Reproduction in whole or in part without permission is prohibited.
