Sprott Physical Copper Trust Announces Exercise of Over-Allotment Option
20 Juin 2024 - 10:43PM
Sprott Asset Management LP (“
Sprott Asset
Management”), a wholly-owned subsidiary of Sprott Inc.
(“
Sprott”) (NYSE/TSX: SII), announced today on
behalf of the Sprott Physical Copper Trust (the
“
Trust”) that, in connection with the Trust’s
initial public offering (the “
Offering”), the
underwriters have partially exercised the over-allotment option and
purchased 1,000,000 transferable units of the Trust (the
“
Units”) at the initial public offering price of
US$10.00 per Unit (the “
Over-Allotment Exercise”).
The Over-Allotment Exercise was completed today and generated gross
proceeds of US$10,000,000.
The Trust is a closed-end trust established to
invest and hold substantially all of its assets in physical copper
metal. The net proceeds of the Over-Allotment Exercise will
generally be used to purchase copper. The Trust’s investment
objectives are to provide a secure, convenient and exchange-traded
investment alternative for investors interested in holding copper
without the inconvenience that is typical of a direct investment in
copper. The Trust does not anticipate making regular cash
distributions to holders of the Units.
Canaccord Genuity Corp., BMO Capital Markets and
Cantor Fitzgerald Canada Corporation acted as joint bookrunners for
the Offering. RBC Capital Markets and TD Securities Inc. also acted
as underwriters for the Offering.
WMC Energy B.V. is acting as technical advisor
to Sprott Asset Management and will arrange all procurement and
handling of copper.
About Sprott
Sprott Asset Management is a wholly-owned
subsidiary of Sprott and is the investment manager to the Trust.
Sprott is a global leader in precious metals and critical materials
investments. At Sprott, we are specialists. Our in-depth knowledge,
experience and relationships separate us from the generalists. Our
investment strategies include Exchange Listed Products, Managed
Equities and Private Strategies. Sprott has offices in Toronto, New
York, Connecticut and California and Sprott’s common shares are
listed on the New York Stock Exchange and the Toronto Stock
Exchange under the symbol “SII”. For more information, please
visit www.sprott.com.
Contact:Glen Williams Managing
PartnerInvestor and Institutional Client Relations Direct:
416-943-4394gwilliams@sprott.com
This Offering is only made by
prospectus. The prospectus contains important detailed information
relating to the securities being offered and has been filed with
the securities commissions or similar authorities in each of the
provinces and territories of Canada. Copies of the prospectus may
be obtained from any one of the underwriters noted above. Investors
should read the prospectus before making an
investment decision.
The Units have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”), or the securities laws of any
state of the United States, and may not be offered or sold,
directly or indirectly, in the United States (as defined in
Regulation S under the U.S. Securities Act) unless registered under
the U.S. Securities Act and applicable securities laws of any state
of the United States or in reliance on an exemption from such
registration requirements. This news release does not constitute an
offer to sell, or a solicitation of an offer to buy any of the
Trust’s securities referred to herein in the United
States.
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.
This material may contain certain statements
which constitute “forward-looking information”. Forward-looking
information includes, among other things, projections, estimates,
and information about possible or future results related to the
Trust, market, or regulatory developments. The views expressed
herein are not guarantees of future performance or economic results
and involve certain risks, uncertainties, and assumptions that
could cause actual outcomes and results to differ materially from
the views expressed herein. The views expressed herein are subject
to change at any time based upon economic, market, or other
conditions and the Trust undertakes no obligation to update the
views expressed herein.
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