04:44 PM EDT, 05/13/2024 (MT Newswires) -- Sprott Asset Management LP (SII.TO, SII), on behalf of Sprott Physical Copper Trust, announced that on May 13, 2024 a preliminary prospectus for the Trust was filed and receipted by the securities regulatory authorities of all the Canadian provinces and territories for an initial public offering of transferable units at a price of US$10.00 per Unit. It said the number of units to be sold has not yet been determined.

A statement noted the Trust is a closed-end trust established to invest and hold substantially all of its assets in physical copper metal, and the net proceeds of the Offering will be used to purchase Copper.

Monday's statement also noted the Trust's investment objectives are to "provide a secure, convenient and exchange-traded investment alternative for investors interested in holding Copper without the inconvenience that is typical of a direct investment in copper." The Trust does not anticipate making regular cash distributions to holders of the Units.