TORONTO, December 6, 2024 (GLOBE NEWSWIRE) — Sprott Asset Management LP (Sprott Asset Management), a subsidiary of Sprott Inc. (TSX:)., on behalf of Sprott Physical Platinum and Palladium Trust (NYSE: SPPP) (TSX: SPPP / SPPP.U) (the Trust), a closed-end mutual fund trust established to invest and hold the substantially all of its assets in physical platinum and palladium bullion, today announced that it has added additional sales agents to its at-the-market share program to issue up to US$50 million of shares of there Trust (units) in the United States and Canada.
Distributions under the U.S. and Canada At-Market Equity Programs (together, the A™ Program) will now be made pursuant to the terms of an amended and restated sales agreement (the Sales Agreement). A&R sale) dated December 6. 2024 between Sprott Asset Management (as manager of the Trust), the Trust, Cantor Fitzgerald & Co. (CF&Co), Virtu Americas LLC (Virtu), BMO Capital Markets (BMO) and Canaccord Genuity LLC (Canaccord, and jointly with CF&Co, Virtu and BMO, the American agents), Cantor Fitzgerald Canada Corporation (Cantor Canada), Virtu Canada Corp. (Virtu Canada), BMO Nesbitt Burns Inc. (BMO Canada), Canaccord Genuity Corp. (Canaccord Canada and, together with Cantor Canada, BMO Canada and Virtu Canada, the Canadian Agents and, with the US Agents, the Agents). The A&R Sales Agreement is available on EDGAR on the website of the United States Securities and Exchange Commission (the SEC) at www.sec.gov and on the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca.
Sales of Units through the Agents, acting as Agent, will be made upon offerings on the NYSE Arca (NYSE) and the Toronto Stock Exchange (TSX) or on other markets existing trading facilities in the United States and Canada, at the prevailing market price. at the time of each sale and, therefore, sale prices may vary. Neither of the two U.S. Agents is registered as a dealer in any Canadian jurisdiction and, accordingly, the U.S. Agents will only sell Units on markets in the United States and are not authorized to trade. advertising or soliciting, directly or indirectly, offers to purchase shares and will not do so. in Canada. Canadian agents may only sell units on markets in Canada.
The volume and timing of distributions under the A™ Program, if any, will be determined in the sole discretion of the Trust. The Trust intends to use the proceeds of the A™ Program, if any, to acquire physical platinum and palladium bullion consistent with the Trust's objective and subject to investment and operating restrictions of the Trust.
The offering under the A™ Program is now being made pursuant to the amended and restated prospectus supplement dated December 6, 2024 (the U.S. A&R Prospectus Supplement) to the Trust's U.S. Base Prospectus (the U.S. Base Prospectus ) included in its registration declaration on form. F-10 (the Registration Statement) (File No. 333-281996) filed with the SEC on September 6, 2024 and pursuant to the Amended and Restated Prospectus Supplement dated December 6, 2024 (the A&R Prospectus Supplement) to the Canadian simplified base shelf prospectus of the Trust dated September 6, 2024 (the base shelf prospectus and, together with the A&R prospectus supplement, the U.S. A&R prospectus supplement, the U.S. base prospectus and the Registration Statement, the offering documents). The U.S. A&R Prospectus Supplement, U.S. Base Prospectus and Registration Statement are available on EDGAR on the SEC's website at www.sec.gov, and the A&R Prospectus Supplement and Shelf Prospectus of basis are available on the SEDAR+ website managed by Canadian Securities. Administrators at www.sedarplus.ca.
Before investing, you should read the offering documents and other documents the Trust has filed for more complete information about the Trust, the A&R Sales Agreement and the A™ Program.
The Units sold under the A™ Program have been approved for listing on the NYSE and the TSX, as applicable, by the NYSE and the TSX, subject to all applicable listing requirements.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualifications under the titles. laws of such jurisdiction.
About Sprott and Sprott Asset Management
Sprott Asset Management is a wholly owned subsidiary of Sprott and is the investment manager of 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 set us apart from generalists. Our investment strategies include publicly traded products, managed equities and private strategies. Sprott has offices in Toronto, New York, Connecticut and California and Sprott's common stock is listed on the NYSE and the TSX under the symbol SII.
About the trust
Important information about the Trust, including its investment objectives and strategies, applicable management fees and expenses, is contained in the Trust's annual information form for the year ended December 31, 2023 (the Annual Information Form). Commissions, management fees or other fees and expenses may be associated with investing in the Trust. The performance of the Fund is not guaranteed, its value changes frequently and past performance is not a guide to future results.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable United States securities laws and forward-looking information within the meaning of Canadian securities laws (collectively, forward-looking statements). Forward-looking statements contained in this press release include, without limitation, investor applications for Units, statements regarding the A™ Program, including the anticipated use of proceeds from the sale of Units, any sale of Units and the timing and ability of the Trust to obtain all necessary approvals in connection with a sale of Units. With respect to the forward-looking statements contained in this press release, the Trust has made numerous assumptions regarding, among other things, the platinum and palladium market. Although the Trust considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. In addition, there are known and unknown risk factors that could cause the actual results, performance or achievements of the Trust to be materially different from any future results, performance or achievements expressed or implied in the forward-looking statements contained in this press release. A discussion of the risks and uncertainties facing the Trust appears in the offering materials, as updated by the continuous disclosure documents filed by the Trust, available at: www.sec.gov and www.sedarplus.ca. All forward-looking statements contained herein are qualified in their entirety by this cautionary statement, and the Trust undertakes no obligation to revise or update any such forward-looking statements or to publicly announce the result of any revision of any of the forward-looking statements contained. herein to reflect future results, events or developments, except as required by law.
For more information:
Glen Williams
General manager
Investor and institutional client relations
Direct: 416-943-4394
gwilliams@sprott.com
Source: Sprott Physical Platinum and Palladium Trust
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