TORONTO, June 06, 2024 (GLOBE NEWSWIRE) -- Sprott Asset Management LP (“Sprott Asset Management”), a wholly-owned subsidiary of Sprott Inc. (“Sprott”) (NYSE/TSX: SII), announced today on behalf of the Sprott Physical Copper Trust (the “Trust”) that the Trust has closed its initial public offering of 10,000,000 transferable units (the “Units”) at a price of US$10.00 per Unit (the “Offering”). The Offering will generate gross proceeds of US$100,000,000.

The Units will commence trading in both U.S. dollars and Canadian dollars today on the Toronto Stock Exchange under the symbols “COP.U” and “COP.UN”, respectively.

The Trust is a closed-end trust established to invest and hold substantially all of its assets in physical copper metal. The net proceeds of the Offering will generally 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.

“We are pleased to introduce the Sprott Physical Copper Trust, the world’s first physical copper investment fund,” said John Ciampaglia, CEO of Sprott Asset Management. “The Trust will address a need in the market by providing investors with an alternative to holding copper futures. Investor interest in copper is growing globally given its critical role as a key component in electrification, clean energy technologies, electric vehicles and artificial intelligence. With the launch of the Trust, Sprott now offers four different copper investment strategies.”

Canaccord Genuity Corp., BMO Capital Markets and Cantor Fitzgerald Canada Corporation acted as joint bookrunners for the Offering. RBC Capital Markets and TD Securities Inc. also acted 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.

The Trust has granted to the underwriters an over-allotment option, exercisable for a period of 30 days from the date of closing of the Offering, to cover over-allotments, if any. If such option is exercised in full, gross proceeds of the Offering will be US$115,000,000.

About Sprott

Sprott Asset Management is a wholly-owned subsidiary of Sprott and is the investment manager to the Trust. Sprott is a global leader in precious metals and critical materials investments. At Sprott, we are specialists. Our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and Sprott’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “SII”. For more information, please visit www.sprott.com.

Contact:
Glen Williams
Managing Partner
Investor and Institutional Client Relations
Direct: 416-943-4394
gwilliams@sprott.com