On August 16, 2022, Sprott Physical Platinum and Palladium Trust announced an at-the-market offering of up to US$100 million (approximately C$128.48 million) in trust units, which closed upon full utilization. The offering was conducted under an Amended and Restated Sales Agreement with Cantor Fitzgerald & Co. and Virtu Americas LLC as U.S. agents and Virtu ITG Canada Corp. as the Canadian agent. The agents received a cash fee of up to 3.0% of gross proceeds. Net proceeds were used to acquire physical platinum and palladium bullion in line with the Trust’s investment strategy. The trust units trade on the TSX (SPPP, SPPP.U) and NYSE Arca (SPPP), with the TSX conditionally approving the new issuance.

Legal counsel included Stikeman Elliott LLP (Canadian counsel to the Trust), Seward & Kissel LLP (U.S. counsel to the Trust), Borden Ladner Gervais LLP (Canadian counsel to the agents), and Cooley LLP (U.S. counsel to the agents). The offering was structured as an at-the-market distribution under National Instrument 44-102, with sales executed through TSX, NYSE Arca, or other marketplaces at prevailing market prices.