Shearman & Sterling represented Morgan Stanley and RBC Capital Markets as representatives of the several underwriters in connection with Sprott Physical Gold Trust’s initial public offering of units in the United States and Canada. Gross proceeds from the offering were $432.5 million, following the exercise 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 way for investors interested in holding physical gold bullion without the inconvenience that is typical of a direct investment in physical gold bullion. The Trust intends to achieve its objective by investing primarily in long-term holdings of unencumbered, fully allocated, physical gold bullion and will not speculate with regard to short-term changes in gold prices. The Trust will not invest in gold certificates or other financial instruments that represent gold or that may be exchanged for gold. The Trust expects to own only London Good Delivery physical gold bullion, which will be stored at the Royal Canadian Mint.

The following Shearman & Sterling team advised the underwriters in the transaction: partners Laurence Crouch (Menlo Park-Tax), Nathan J. Greene (New York-Asset Management), Don J. Lonczak (Washington, D.C.-Tax), Russell Sacks (New York-Asset Management) and Paul S. Schreiber (New York-Asset Management); counsel Charles S. Gittleman (New York-Asset Management); associates Hugo Sin (Toronto-Capital Markets), Tina Li (Toronto-Capital Markets), John Adams (New York-Asset Management), Michael Blankenship (New York-Asset Management), Kasey Choi (New York-Asset Management), Steven A. Homan (New York-Asset Management), Anil Kalia (Menlo Park-Tax), Nicola Liddle-Peters (London-Mergers & Acquisitions), Jennifer Morton (New York-Capital Markets), and Eileen O’Pray (Menlo Park-Tax); and legal assistant Lynne N. Johnson (New York-Asset Management).