Sprott Physical Silver Trust Completes Follow-On Public Offering

Sprott Physical Silver Trust (the “Trust”) completed a cross-border follow-on public offering of 26,450,000 trust units (the “Units”) at US$13.20 per Unit for gross proceeds of US$349,140,000, which included the exercise in full of the over-allotment option under the offering. The Trust completed its initial public offering on November 3, 2010, and is managed by Sprott Asset Management LP (“Sprott”), a wholly owned subsidiary of Sprott Inc. The Units are listed on the NYSE Arca and the Toronto Stock Exchange.

The offering was made simultaneously in the United States and Canada through a syndicate of underwriters led by RBC Capital Markets and Morgan Stanley. The underwriters for the offering in Canada also included TD Securities Inc., GMP Securities L.P., National Bank Financial Inc., Canaccord Genuity Corp., BMO Capital Markets, HSBC Securities (Canada) Inc. and Sprott Private Wealth LP.

Canadian counsel to the Trust and Sprott was Heenan Blaikie LLP, with a team that included Sonia Yung and Ora Wexler (securities) and Peter Clark and Catherine Nicholson (tax). US counsel to the Trust and Sprott was Seward & Kissel LLP, with a team that included Anthony Tu-Sekine and Alexandre Rourk (securities) and Jim Cofer (tax).

Canadian counsel to the underwriters was Davies Ward Phillips & Vineberg LLP, with a team comprising Shawn McReynolds, Robert Murphy and Chris Figel (securities) and Ron Wilson and Neal Armstrong (tax). US counsel to the underwriters was Paul, Weiss, Rifkind, Wharton & Garrison LLP, with a team comprising Christopher Cummings, Stephen Centa and Philippe Savard (securities) and David Mayo (tax).