TORONTO, Feb. 3, 2012 /PRNewswire/ - Sprott Physical Gold
Trust (the "Trust") (NYSE: PHYS / TSX: PHY.U), a trust created to
invest and hold substantially all of its assets in physical gold
bullion and managed by Sprott Asset Management LP, today announced
that it has completed its follow-on offering of 20,000,000
transferable, redeemable units of the Trust (the "Units") at
US$15.19 per Unit for gross proceeds
of US$303,800,000 (the
"Offering").
The Trust will use the net proceeds of the
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 the
Offering. The net proceeds of the Offering per Unit are
greater 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, as required under the trust agreement governing
the Trust.
The Units are listed on the NYSE Arca and the
Toronto Stock Exchange under the symbols "PHYS" and "PHY.U",
respectively. The Offering was made simultaneously in the United States and Canada by underwriters led by Morgan Stanley
and RBC Capital Markets in the United
States and RBC Capital Markets and Morgan Stanley in
Canada.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy the Units, nor shall
there be any sale of the Units in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such jurisdiction.
Additional details on the Trust can be found in
the final prospectus available on EDGAR (www.edgar.com) and SEDAR
(www.sedar.com) or on the Trust's website at
www.sprottphysicalgoldtrust.com.
SOURCE Sprott Physical Gold Trust