Sprott Physical Copper Trust Updates US$500 Million At-the-Market Equity Program
Sprott Asset Management has updated its at-the-market equity program to issue up to US$500 million of units on behalf of Sprott Physical Copper Trust (COP-UN.TO, COP-U.TO), the company said late on Monday.The update was made in connection with the listing of the units of the trust on the New York Stock Exchange Arca.The trust was created to invest and hold substantially all of Sprott Asset Management's assets in physical copper metal. Sprott Asset Management is a subsidiary of Sprott Inc. (SII.TO).Sales of units through U.S. and Canada agents will be made through "at the market" issuances on the NYSE and the Toronto Stock Exchange at the prevailing market price at the time of sale.Proceeds from the ATM program will be used to acquire physical copper metal in accordance with the trust's objective and subject to investment and operating restrictions.Distributions under the ATM programs in Canada and the U.S. will now be completed in accordance with the terms of an amended and restated sales agreement among U.S. and Canada agents, Sprott Asset Management and the trust.
