TORONTO Nov 3 (Reuters) - Sprott Inc (SII.TO: Quote), the Canadian fund manager specializing in resource investments, said on Wednesday it raised a higher than expected $575 million in an initial public offering of the Sprott Physical Silver Trust.
Sprott said it sold 57,500,000 units at $10.00 each, including the exercise in full by underwriters of an overallotment option of 7,500,000 units.
The units are listed on the Toronto and New York stock exchanges and the offering was made simultaneously in the United States and Canada.
The syndicate of underwriters was led by Morgan Stanley and RBC Capital Markets in both countries. The Canadian syndicate included TD Securities, Canaccord Genuity, National Bank Financial, BMO Capital Markets, HSBC Securities (Canada), GMP Securities, Wellington West Capital Markets, and Mackie Research Capital.
Sprott did an initial public offering of the Sprott Physical Gold Trust in March, raising $400 million. The value of that trust crossed the $1 billion mark at the end of September as gold prices soared. [ID:nN30139489] (Reporting by Pav Jordan; editing by Rob Wilson)
* Over-allotment exercised in full
* Led by Morgan Stanley and RBC Capital Markets (Figures in U.S. dollars)
Sprott Physical Silver Web Site: