Sprott Physical Uranium Trust Announces Updated “At-the-Market” Equity Program

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TORONTO, Dec. 06, 2024 (GLOBE NEWSWIRE) — Sprott Asset Management LP (“Sprott Asset Management”), a subsidiary of Sprott Inc., on behalf of Sprott Physical Uranium Trust (TSX: U.UN) (TSX: UU) ( The “Trust” or “SPUT”), a closed-end trust established to invest and hold substantially all of its assets in physical uranium, announced today that it has added Additional sales agents to the Market Shares Program (“ATM Program”) for the issuance of up to $1.0 billion of Fund units (“Units”) in Canada.

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Distributions under the ATM Program will now be completed pursuant to the terms of an amended and restated sales agreement (“A&R Sales Agreement”) dated December 6, 2024 between Sprott Asset Management (as administrator of the Trust), the Trust, Cantor Fitzgerald Canada Inc. (“CF&Co”), Inc. Virtu Canada Corp. (“Virtu”), BMO Capital Markets (“BMO”), and Canaccord Genuity Corp. (“Canaccord”, together with CF&Co, Virtu and BMO, the “Agents”). The A&R Sales Agreement is available on the SEDAR+ website operated by Canadian securities administrators at www.sedarplus.ca.

Units will be sold by Agents, acting as agent, through “at market” releases on the Toronto Stock Exchange (“TSX”) or other existing trading markets in Canada at the prevailing market price at the time of each sale and, as a result, sale prices may vary. . Agents may only sell units in markets in Canada.

The amount and timing of distributions under the ATM Program, if any, will be determined at the Fund’s sole discretion. The Fund intends to use the ATM Program proceeds, if any, to acquire physical uranium in accordance with the Fund’s objective and subject to the Fund’s investment and operating restrictions.

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The offering under the ATM Program is now being made pursuant to an amended and restated prospectus supplement dated December 6, 2024 (“A&R Prospectus Supplement”) to the Fund’s short form Base Prospectus dated January 3, 2024 (“Basic Prospectus”), as well as the A&R Prospectus Supplement, (“Offer Documents”). The Offer Documents are available on the SEDAR+ website operated by the Canadian Securities Administrators at www.sedarplus.ca.

Before you invest, you should read the offering documents and other documents provided by the Fund to obtain more complete information about the Fund, the A&R Sales Agreement and the ATM Program.

Units sold pursuant to the ATM Program have been approved for listing on the Toronto Stock Exchange by the Toronto Stock Exchange, subject to all applicable listing requirements.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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About Sprott and Sprott Asset Management

Sprott Asset Management is a wholly-owned subsidiary of Sprott and is the investment manager of the Trust. Sprott is a global leader in precious metals and biomaterials investments. At Sprott, we specialize. Our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include publicly listed products, managed equities, and private strategies. Sprott has offices in Toronto, New York, Connecticut and California, and Sprott’s common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange under the symbol “SII.”

About trust

Important information about the Fund, including its investment objectives, strategies, applicable management fees and expenses, is contained in the Fund’s Annual Information Form for the year ending December 31, 2023 (“AIF”). Commissions, administrative fees, or other fees and expenses may be associated with investing in the Trust. The Fund’s performance is not guaranteed, its value changes frequently, and past performance is not indicative of future results.

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Caution regarding forward-looking statements

This news release contains forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). Forward-looking statements in this press release include, but are not limited to, investor requests for units, statements regarding the ATM program, including the intended use of proceeds from the sale of units, any sale of units and the timing and ability of the Fund to obtain all necessary approvals in connection with Selling units. In connection with the forward-looking statements contained in this press release, the Fund has made numerous assumptions regarding, among other things, the uranium and nuclear energy market. While the Fund considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. In addition, 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 news release. A discussion of the risks and uncertainties facing the Fund appears in the offering documents and is updated through the Fund’s ongoing disclosure filings, which are available at www.sedarplus.ca. All forward-looking statements contained herein are qualified in their entirety by this cautionary statement, and the Fund disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any such forward-looking statements contained. This document reflects future results, events or developments, except as required by law.

For more information:

Glenn Williams
General Manager
Investor and institutional client relations
Live: 416-943-4394
gwilliams@sprott.com

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