Sprott Physical Platinum and Palladium Trust Completes IPO

Sprott Physical Platinum and Palladium Trust (the “Trust”) completed a cross-border initial public offering of 28,000,000 trust units (the “Units”) at US$10.00 per Unit for gross proceeds of US$280,000,000.

The Trust was created to invest and hold substantially all of its assets in physical platinum and palladium bullion and provide a convenient and exchange-traded way for investors interested in holding physical platinum and palladium bullion without the inconvenience that is typical of a direct investment in physical platinum and palladium bullion. The Trust is managed by Sprott Asset Management LP (“Sprott”), a wholly owned subsidiary of Sprott Inc. The Units are listed on 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 BMO Capital Markets, Canaccord Genuity Corp., CIBC World Markets Inc., National Bank Financial Inc., TD Securities Inc., Scotia Capital Inc., GMP Securities L.P., Desjardins Securities Inc., Macquarie Private Wealth Inc., Raymond James Ltd. and UBS Securities Canada Inc.

Canadian counsel to the Trust and Sprott was Heenan Blaikie LLP, with a team that included Sonia Yung, Paola Turner 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 Joanne Skerrett (securities) and Jim Cofer (tax).

Canadian counsel to the underwriters was Davies Ward Phillips & Vineberg LLP, with a team comprising Shawn McReynolds, Robert Murphy, Chris Figel and Peter Martorelli (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).