TORONTO, Dec. 06, 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 designed for substantially all investment and holding purposes. Its assets in physical platinum and palladium bullion, today announced that it has added additional sales agents to its market capitalization program. Issuing up to $50 million in Unit Trusts (Units) in the United States and Canada.
Distributions under the market capitalization programs in the United States and Canada (collectively, the A™ Program) will now terminate pursuant to the terms of the Amended and Restated Sales Agreement dated December 6. 2024 Sprott Asset Management (as Trust Manager), Trust, Cantor Fitzgerald & Co. (CF&Co), Virtu Americas LLC (Virtu), BMO Capital Markets (BMO) and Canaccord Genuity LLC (Canaccord, and CF&Co, Virtu and BMO, together with their US agents), Cantor Fitzgerald Canada Corporation (Cantor Canada), Virtu Canada Corp. (Virtu Canada) , BMO Nesbitt Burns Inc. (BMO Canada), Canaccord Genuity Corp. (Canaccord Canada and Cantor Canada, together with BMO Canada and Virtu Canada, the Canadian agents and, together with the US agents, the agents). The A&R Sales Agreement is available on EDGAR at the United States Securities and Exchange Commission’s (SEC) website at www.sec.gov and on the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca.
Sales of units through agents acting as agents will be made on the NYSE Arca (NYSE) and the Toronto Stock Exchange (TSX) or other existing trading markets at market prices in the United States and Canada. At the time of each sale, and as a result, sale prices may vary. Neither US Agent is registered as a dealer in any Canadian jurisdiction and, therefore, US Agents will only sell Units in the United States markets and are not authorized to, directly or indirectly, advertise or solicit the purchase of any Units. in Canada. Canadian agents may sell units in Canadian markets only.
The amount and timing of distributions under the A™ Program, if any, are determined at the discretion of the Trust. The Trust intends to use the proceeds of the A™ Program, if any, to purchase physical platinum and palladium bullion consistent with the Trust’s objectives and subject to the Trust’s investment and operating restrictions.
The offering under the A™ Program is now being made pursuant to an amended and restated prospectus supplement dated December 6, 2024 (the A&R US Prospectus Supplement) to the Trust’s US base prospectus (the US Base Prospectus) included in its registration statement in form. F-10 (Registration Statement) (File No. 333-281996) filed with the SEC on September 6, 2024 and dated December 6, 2024 of the Trust’s Canadian Short Form Canadian Short Form Base Shelf 2024 Amended and Restated Prospectus Supplement (A&R Prospectus Supplement) September 2024 prospectus (together with the base shelf prospectus and A&R prospectus) supplement, A&R US prospectus supplement, US base prospectus and registration statement, offering documents). The A&R US prospectus supplement, the US base prospectus and the registration statement are available on EDGAR at the SEC’s website at www.sec.gov, and the A&R prospectus supplement and the base shelf prospectus are available on the SEDAR+ website maintained by Canadian Securities. Administrators at www.sedarplus.ca.
Before you invest, you should read the offering documents and other documents filed by the Trust for more complete information about the Trust, the A&R Sales Agreement and the A™ Program.
The listing of Units sold under Program A™ on the NYSE and TSX has been approved by the NYSE and TSX, as applicable, in accordance with all applicable listing requirements.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall it constitute a sale of these securities in any jurisdiction where the offer, solicitation or sale would be illegal prior to the registration or qualification of the securities. the laws of any 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 the specialists. Our depth of knowledge, experience and relationships set us apart 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 stock is listed on the NYSE and TSX under the symbol SII.
about trust
Important information about the Trust, including its investment objectives and strategies, applicable management fees and expenses, is set out in the Trust’s Annual Information Form for the year ended 31 December 2023 (AIF). Fees, management fees or other charges and expenses may be associated with investing in the Trust. The Trust’s performance is not guaranteed, its value changes frequently, and past performance is not indicative of 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 in this press release include, without limitation, investor demand for Units, statements about the A™ Program, including the intended use of proceeds from the sale of Units, any sale of Units and the timing and capabilities of the Trust. to obtain all necessary permits in connection with the sale of units. In connection with the forward-looking statements contained in this press release, the Trust has made a number of assumptions regarding, among other things, the platinum and palladium markets. Although the Trust believes these assumptions to be reasonable, these assumptions 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 Trust’s actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied by the statements contained in this press release. A discussion of the risks and uncertainties facing the Trust appears in the offering documents, as updated by the Trust’s continuous disclosure filings available at www.sec.gov and www.sedarplus.ca. All forward-looking statements herein are qualified in their entirety by this cautionary statement, and the Trust disclaims any obligation to revise or update, or to publicly announce the results of, any revisions to any forward-looking statement. This does not reflect future results, events or developments, except as required by law.
For more information:
Glenn Williams
Managing Director
Relations with investors and institutional clients
Direct: 416-943-4394
gwilliams@sprott.com
Source: Sprott Physical Platinum and Palladium Trust