Shearman & Sterling represented the underwriters, led by Morgan Stanley and RBC Capital Markets, in connection with Sprott Physical Gold Trust's public offering of Units in the United States and Canada. Gross proceeds from the offering were $279.45 million, following the exercise in full by the underwriters of their overallotment option.

Sprott Physical Gold Trust was created to invest and hold substantially all its assets in physical gold bullion. It aims to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding physical gold bullion without the inconvenience that is typical of a direct investment in physical gold bullion.

The following Shearman & Sterling team advised the underwriters in the transaction: partners Jeffrey P. Crandall (New York-Executive Compensation and Employee Benefits), Laurence Crouch (Menlo Park-Tax) and Russell Sacks (New York-Financial Institutions Advisory & Financial Regulatory); counsel Charles S. Gittleman (New York-Financial Institutions Advisory & Financial Regulatory); associates Hugo Sin (Toronto-Capital Markets), Tina Li (Toronto-Capital Markets), Sonja Sun (Toronto-Capital Markets), Michael Blankenship (New York-Financial Institutions Advisory & Financial Regulatory), Steven Blau (New York-Financial Institutions Advisory & Financial Regulatory) and Eileen O'Pray (Menlo Park-Tax); and legal assistant Lynne N. Johnson (New York-Financial Institutions Advisory & Financial Regulatory).