UPDATE 1-Sprott silver trust IPO to raise $500 million

* IPO to consist of 50 mln units priced at $10 each

* Made available in U.S. and Canada simultaneously
(In U.S. dollars)

TORONTO, Oct 29 (BestGrowthStock) – Sprott Inc (SII.TO: ), the
Canadian fund manager specializing in resource investments,
said on Friday that it planned to raise $500 million in the
initial public offering of the Sprott Physical Silver Trust.

The offering will consist of 50 million units priced at $10
each.

The trust, which will be managed by Sprott Asset
Management, will invest and hold nearly all its assets in
silver bullion.

It will be 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 through a syndicate of underwriters led by Morgan
Stanley (MS.N: ) and RBC Capital Markets (RY.TO: ).

As part of the offering, the underwriters have been granted
an overallotment option to purchase up to an additional
7,500,000 units at $10 each.

The Canadian syndicate includes TD Securities Inc (TD.TO: ),
Canaccord Genuity Corp, National Bank Financial Inc (NA.TO: ),
BMO Capital Markets (BMO.TO: ), HSBC Securities (Canada) Inc, GMP
Securities LP, Wellington West Capital Markets Inc, and Mackie
Research Capital Corp.

Sprott did an initial public offering of the Sprott
Physical Gold Trust in March, which raised $400 million. The
value of that trust crossed the $1 billion mark at the end of
last month as gold prices soared. [ID:nN30139489]

($1=$1.02 Canadian)
(Reporting by John McCrank; Editing by Lisa Von Ahn)

UPDATE 1-Sprott silver trust IPO to raise $500 million