Stay Informed

Keep up-to-date on the latest bullion news.

Important Message

You are now leaving Sprottphysicalbullion.com and entering a linked website. Sprott has partnered with ALPS in offering the Sprott Gold Miners ETF. For fact sheets, marketing materials, prospectuses, performance, expense information and other details about the ETF, you will be directed to the ALPS/Sprott website at www.SprottETFs.com

Continue to Sprott Exchange Traded Funds

Press Release

Sprott Physical Silver Trust Announces Completion of its Follow-on Offering of Trust Units And Exercise of Underwriters' Overallotment Option

TORONTO, ONTARIO -- (Marketwired) -- 04/13/16 -- Sprott Physical Silver Trust (the "Trust") (NYSE:PSLV)(TSX:PHS.U)(TSX:SII), a trust created to invest and hold substantially all of its assets in physical silver bullion and managed by Sprott Asset Management LP (the "Manager"), today announced that it has completed its follow-on offering of 12,300,000 units of the Trust (the "Initial Units") at US$6.09 per Unit for gross proceeds of US$74,907,000 (the "Offering"). In addition, the underwriters for the Offering have elected to purchase an additional 1,845,000 Units of the Trust in full exercise of their over-allotment option (the "Overallotment Units" and together with the Initial Units, the "Units"). The Overallotment Units are to be delivered on April 18, 2016. Including the Overallotment Units, the gross proceeds for the Offering are approximately US$86,143,050, consisting of 14,145,000 Units offered at US$6.09 per Unit.

The Trust will use the net proceeds of the Offering to acquire physical silver 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. As of April 13, 2016, the Trust has contracted to purchase a total of approximately 4.470 million troy ounces of physical silver bullion. Once the Trust has taken delivery of all the silver bullion, it will publish the serial numbers of all bars held by the Trust on its website. The net proceeds of the Offering per Unit were greater than 100% of the most recently calculated net asset value per Unit of the Trust prior to, or upon determination of, pricing of the Offering, as required under the trust agreement governing the Trust.

The Units are listed on the NYSE Arca and the Toronto Stock Exchange under the symbols "PSLV" and "PHS.U", respectively. The Offering was 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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the Units, nor shall there be any sale of the Units in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Investor contact information:
Sprott Physical Silver Trust
(416) 203-2310 or Toll Free: 1 (877) 403-2310
bullion@sprott.com

Source: Sprott Physical Silver Trust