Sprott announces follow-on offering in its Silver trust

Sprott Physical Silver Trust (NYSE:PSLV) announced today that it has launched a follow-on offering of transferable, redeemable units of the Trust. The trust was created to invest and hold substantially all of its assets in physical silver bullion and is managed by Sprott Asset Management LP.

The Offering will be made simultaneously in the United States and Canada and the net proceeds will be used to acquire physical Silver bullion. The underwriters in the US will be Morgan Stanley and RBC Capital Markets while in Canada, underwriting will be done solely by Morgan Stanley.

The company had earlier filed a prospectus to raise close to $1.5 billion for the purpose of investing in silver bullion.

The Units are listed on the NYSE Arca and the Toronto Stock Exchange under the symbols “PSLV” and “PHS.U” respectively. – CommodityOnline

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Posted by Silver Guru on Jan 19 2012. Filed under Silver stocks. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry