Sprott Physical Gold Trust (the "Trust") (TSX: PHY.U)(NYSE: PHYS), a trust created to invest and hold substantially all of its assets in physical gold bullion and managed by Sprott Asset Management LP, announced today that it has launched a follow-on offering (the "Offering") of transferable, redeemable units of the Trust ("Units").
The Trust will use the net proceeds of this Offering to acquire physical gold bullion in accordance with the Trust's objective and subject to the Trust's investment and operating restrictions described in the prospectus related to this Offering. Under the trust agreement governing the Trust, the net proceeds of the Offering per unit must be not less than 100% of the most recently calculated net asset value per Unit of the Trust prior to, or upon determination of, pricing of the offering.
http://www.sprottphysicalgoldtrust.com/Investors/Press-Releases/Press-Release-Details/2011/Sprott-Physical-Gold-Trust-Announces-Follow-on-Offering-of-Trust-Units1125973/default.aspx
