Sprott Inc. (NYSE/TSX:SII), a global leader in precious metal and real asset investments, announced today that its wholly-owned subsidiary, Sprott Asset Management LP, has successfully completed its previously announced transaction with Uranium Participation Corporation, and that UPC’s shareholders are now unitholders of the newly-created Sprott Physical Uranium Trust. The Trust begins trading this morning on the Toronto Stock Exchange under the symbol “U.UN” in Canadian dollars and “U.U” in U.S. dollars.
“The Sprott Physical Uranium Trust is the world’s largest publicly-listed physical uranium fund and a perfect addition to our physical trust franchise,” said John Ciampaglia, CEO of Sprott Asset Management. “We are pleased UPC shareholders voted overwhelmingly in favor of the transaction and look forward to leveraging our global brand, fund marketing expertise and shareholder base to grow the Trust and improve its trading liquidity.”
“This transaction adds approximately US$600 million to Sprott’s total AUM and provides the company an important strategic foothold in the clean energy metals space,” said Peter Grosskopf, CEO of Sprott. “We have a very constructive view on uranium and believe this new trust presents a compelling opportunity to create value for our shareholders by expanding our offerings into areas that complement our core positioning in precious metals.”
Sprott is a global leader in precious metal and real asset investments. With offices in Toronto, New York and London, Sprott is dedicated to providing investors with specialized investment strategies that include Exchange Listed Products, Managed Equities, Lending and Brokerage. Sprott’s common shares are listed on the New York Stock Exchange and Toronto Stock Exchange under the symbol SII.