Shearman & Sterling represented 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 approximately $340.7 million.

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 Larry Crouch (Menlo Park-Tax) and Russell Sacks (New York-Financial Institutions Advisory & Financial Regulatory), of counsel Charles Gittleman (New York-Financial Institutions Advisory & Financial Regulatory), associates Hugo Sin (Toronto-Capital Markets), Daniel Weber (Toronto-Capital Markets), Michael Blankenship (New York-Financial Institutions Advisory & Financial Regulatory) and Eileen O'Pray (Menlo Park-Tax), and legal assistant Lynne N. Johnson.