IPOS - Sprott Physical Copper Trust Announces Filing of Final Prospectus for Initial Public Offering | Benzinga
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TORONTO, May 31, 2024 (GLOBE NEWSWIRE) -- Sprott Asset Management LP ("Sprott Asset Management"), on behalf of Sprott Physical Copper Trust (the "Trust"), announced that on May 31, 2024, a final prospectus for the Trust was filed and receipted by the securities regulatory authorities of all the Canadian provinces and territories, and that it has entered into an underwriting agreement for its initial public offering of 10,000,000 transferable units (the "Units") of the Trust at a price of US$10.00 per Unit (the "Offering"). The Offering will generate gross proceeds of $100,000,000.
The Trust has also received conditional approval for the listing of the Units on the Toronto Stock Exchange ("TSX") under the symbols "COP.UN" and "COP.U". Listing is subject to the Trust fulfilling all of the requirements of the TSX. It is anticipated that trading in the Units on the Toronto Stock Exchange will commence upon closing of the Offering. Closing of the offering is scheduled for June 6, 2024, subject to customary closing conditions.
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.
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