An anonymous director reports
SPROTT PHYSICAL GOLD TRUST PRICES FOLLOW-ON OFFERING OF TRUST UNITS IN AN AGGREGATE AMOUNT OF US$341,320,000
Sprott Physical Gold Trust has priced its follow-on offering of 23 million transferable, redeemable units of the trust at a price of $14.84 (U.S.) per unit. As part of the offering, the trust has granted the underwriters an overallotment option to purchase up to 3.45 million additional units. The gross proceeds from the offering will be $341.32-million (U.S.) ($392,518,000 (U.S.) if the underwriters exercise in full the overallotment option).
The trust will use the net proceeds of the offering to acquire physical gold bullion in accordance with the trust's objective and subject to the trust's investment and operating restrictions described in the prospectus related to the offering. Under the trust agreement governing the trust, the net proceeds of the offering per unit must be not less than 100 per cent of the most recently calculated net asset value per unit of the trust prior to, or upon determination of, pricing of the offering.
The offering will be made simultaneously in the United States and Canada by underwriters led by Morgan Stanley and RBC Capital Markets in the United States, and RBC Capital Markets and Morgan Stanley in Canada.
Copies of the U.S. prospectus related to the offering may be obtained by contacting Morgan Stanley & Co. LLC, 180 Varick St., 2nd floor, New York, N.Y., 10014, attention: prospectus department (telephone: 866-718-1649 (toll-free) or 917-606-8474), or RBC Capital Markets LLC, attention: prospectus department, Three World Financial Center, 200 Vesey St., eighth floor, New York, N.Y., 10281-8098 (telephone: 212-428-6670, fax: 212-428-6260). Copies of the Canadian prospectus related to the offering may be obtained by contacting RBC Capital Markets, attention: distribution centre, 277 Front St. West, fifth floor, Toronto, Ont., M5V 2X4 (fax: 416-313-6066), or Morgan Stanley & Co. LLC, 180 Varick St., second floor, New York, N.Y., 10014, attention: prospectus department (telephone: 866-718-1649 (toll-free) or 917-606-8474). The offering in Canada is only being made by the Canadian prospectus, which includes important detailed information about the units being offered.
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