November 1, 2010 (FinancialWire) (http://www.financialwire.net/) — Sprott Inc. (TSX: SII) said that Sprott Physical Silver Trust (NYSE: PSLV) (TSX: PHS.U), a trust created to invest and hold substantially all its assets in physical silver bullion and managed by Sprott’s asset management subsidiary, has agreed to issue in its initial public offering 50 million transferable, redeemable units of the trust at US$10 per unit, for gross proceeds of US$500 million.

As part of the offering, the Canada-based trust has granted the underwriters an over-allotment option which is exercisable in whole or in part to purchase up to an additional 7.5 million units at US$10 per unit.

The offering was made simultaneously in the United States and Canada through a syndicate of underwriters led by Morgan Stanley and RBC Capital Markets in the United States and RBC Capital Markets and Morgan Stanley in Canada.

Canada-based Sprott is the parent of Sprott Asset Management LP, a money manager.

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