TORONTO, May 13, 2024 – Sprott Asset Management LP (“Sprott Asset Management”), on behalf of Sprott Physical Copper Trust (the “Trust”), announced that on May 13, 2024 a preliminary prospectus for the Trust was filed and receipted by the securities regulatory authorities of all the Canadian provinces and territories for an initial public offering (the “Offering”) of transferable units (the “Units”) at a price of US$10.00 per Unit. The number of Units to be sold has not yet been determined.
The Trust is a closed-end trust established to invest and hold substantially all of its assets in physical copper metal (“Copper”). The net proceeds of the Offering will be used to purchase Copper.
The Trust’s investment objectives are to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding Copper without the inconvenience that is typical of a direct investment in Copper. The Trust does not anticipate making regular cash distributions to holders of the Units.
Canaccord Genuity Corp., BMO Nesbitt Burns Inc. and Cantor Fitzgerald Canada Corporation are acting as joint bookrunners for the Offering. RBC Dominion Securities Inc. and TD Securities Inc. are also acting as underwriters for the Offering.
WMC Energy B.V. is acting as technical advisor to Sprott Asset Management and will arrange all procurement and handling of Copper.
