On June 6, 2024, Sprott Physical Copper Trust completed its initial public offering (IPO) of 10 million transferable units at a price of US$10 per unit, generating proceeds of US$100 million.

Canaccord Genuity Corp., BMO Capital Markets, and Cantor Fitzgerald Canada Corporation acted as joint bookrunners, and RBC Capital Markets and TD Securities Inc., as underwriters.

In connection with the IPO, the underwriters partially exercised the over-allotment option and purchased 1 million transferable units of Sprott Physical Copper Trust at the initial public offering price of US$10 per unit, bringing the aggregate gross proceeds to US$110 million. Sprott will use the net proceeds to purchase copper.

Stikeman Elliott acted as counsel for Sprott Asset Management and the Sprott Physical Copper Trust with a team that includes John Laffin, Shawn Blundell, Jamie Seidel, Jamil Visram, Lauren Forster (Capital Markets), Nicholas Badeen (Investment Funds), Jill Winton (Tax), Sabina Delvecchio (Securities Clerk), Beatrice Lorusso (Corporate Search Clerk), Matthew Tai and William Brown (Articling Students).

McCarthy Tétrault advised Canaccord Genuity Corp., BMO Capital Markets, Cantor Fitzgerald Canada Corporation, RBC Capital Markets and TD Securities Inc. with a team led by Michael Eldridge that included Gurvir Sangha (Business), Nigel Johnston, Len Nesbitt, Stephanie Dewey, Michel Ranger, and Kathryn Walker (Tax).