Sprott Physical Uranium Trust Announces Upsized US$200 Million Bought Deal Financing
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TORONTO, June 16, 2025 /CNW/ - Sprott Inc. (NYSE:SII) (TSX:SII) ("Sprott") on behalf of the Sprott Physical Uranium Trust (TSX:U) (TSX:U) ("SPUT" or the "Trust") is pleased to announce that as a result of strong investor demand, the Trust has amended its agreement with Canaccord Genuity Corp. (the "Underwriter"), pursuant to which the Underwriter has agreed to purchase 11,600,000 units of the Trust (the "Units") at a price of US$17.25 per Unit (the "Offering Price") for aggregate gross proceeds of US$200,100,000 (the "Offering"). The net proceeds per Unit to be received by the Trust will be not less than 100% of the most recently calculated net asset value of the Trust per Unit prior to the determination of the pricing of the Offering.
The net proceeds of the Offering will be used by the Trust to acquire physical uranium in the form of uranium oxide in concentrates and uranium hexaflouride and related fees and expenses in accordance with the Trust's objective and subject to the Trust's investment and operating restrictions.
Closing of the Offering is expected to occur on or about June 20, 2025 (the "Closing Date"), and is subject to regulatory approval including that of the Toronto Stock Exchange.
The Offering will be made: (i) in all of the provinces and territories of Canada (other than Quebec) by way of a prospectus supplement to the Trust's existing base shelf prospectus dated January 3, 2024 (the "Base Shelf Prospectus"), as supplemented by a prospectus supplement (the "Prospectus Supplement" and together with the Base Shelf Prospectus, the "Offering Documents") pursuant to National Instrument 44-101 – Short-Form Prospectus Distributions and National Instrument 44-102 – Shelf Distributions; (ii) in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and any applicable securities laws of any state of the United States, to "qualified institutional buyers" as defined in Rule 144A under the U.S. Securities Act; and (iii) in jurisdictions outside of Canada and the United States, in each case in accordance with all applicable laws provided that no prospectus, registration statement or similar document is required to be filed in such jurisdiction. The completion of the Offering shall be subject to the receipt of all necessary regulatory approvals and other conditions listed herein.
The Offering Documents will be available at www.sedarplus.ca. Investors should read the Offering Documents and other documents the Trust has filed for more complete information about the Trust and the Offering.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The Units have not been and will not be registered under the U.S. Securities Act, or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
Sprott is a global asset manager focused on precious metals and critical materials investments. We are specialists. We believe our in-depth knowledge, experience and relationships separate us 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 the company's common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "SII". For more information, please visit www.sprott.com.
Important information about the Trust, including its investment objectives and strategies, applicable management fees, and expenses, can be found on its website at www.sprott.com. Commissions, management fees, or other charges and expenses may be associated with investing in the Trust. The performance of the Trust is not guaranteed, its value changes frequently and past performance is not an indication of future results.
This press release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian and United States securities laws ("forward-looking statements"). Forward-looking statements in this press release include, without limitation, statements regarding the Offering, including the intended use of proceeds from any sale of Units and the timing and ability of the Trust to obtain all necessary approvals in connection with the Offering. With respect to the forward-looking statements contained in this press release, the Trust has made numerous assumptions regarding, among other things: investor demand the uranium market. While the Trust considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. Additionally, there are known and unknown risk factors that could cause the Trust's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release. A discussion of risks and uncertainties facing the Trust appears in the Offering Documents, each as updated by the Trust's continuous disclosure filings, which are available at 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 any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law.
SOURCE Sprott Physical Uranium Trust
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