TORONTO, Mar. 25, 2010 (Canada NewsWire Group) -- /CNW/ -- Sprott Asset Management LP ("Sprott") today announced that the underwriters for the recently completed initial public offering (the "Offering") of units ("Units") of Sprott Physical Gold Trust (the "Trust") have purchased an additional 1,250,000 Units in connection with the final exercise of their over-allotment option.
Including this exercise of the over-allotment option, the gross proceeds of the Offering are US$442,500,000, consisting of 44,250,000 Units offered at US$10.00 per Unit.
The Units are listed on the NYSE Arca and the Toronto Stock Exchange under the symbols 'PHYS' and 'PHY.U', respectively. 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 the United States included HSBC Securities (USA) Inc. and the underwriters for the Offering in Canada included BMO Capital Markets, Scotia Capital Inc., TD Securities Inc., Canaccord Adams, GMP Securities L.P., Dundee Securities Corporation and HSBC Securities (Canada) Inc.
Additional detail on the Trust can be found in the final prospectus available on EDGAR (www.edgar.com) and SEDAR (www.sedar.com) or on the Trust's website at www.sprottphysicalgoldtrust.com.
About Sprott Asset Management
Sprott Asset Management LP (www.sprott.com), a wholly owned subsidiary of Sprott Inc. (www.sprottinc.com), is a fund company dedicated to achieving superior returns for its investors over time. SAM manages assets primarily for institutions, endowments and high net worth individuals. Sprott Asset Management LP is the manager of the Trust and the investment manager of the Sprott Funds. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual Funds are not guaranteed, their values change frequently and past performance may not be repeated. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors should consult their financial advisor to determine if these Funds may be sold in their jurisdiction.