Sprott Physical Silver Trust (the “Trust”) (PSLV)(TSX:PHS.U), a trust created to invest and hold substantially all of its assets in physical silver bullion and managed by Sprott Asset Management LP, announced today that it has priced its follow-on offering of 12,300,000 transferable, redeemable units of the Trust (“Units”) at a price of US$6.09 per Unit (the “Offering”). As part of the Offering, the Trust has granted the underwriters an over-allotment option to purchase up to 1,845,000 additional Units. The gross proceeds from the Offering will be US$74,907,000 (US$86,143,050 if the underwriters exercise in full the over-allotment option).

Without doubt the underwriters will exercise the full over-allotment—and it’s Ted Butler’s opinion that this will net the Silver Trust about 5.5 million troy ounces of physical metal, which will be silver that JPMorgan can’t lay their hands on, unless they took up part of the offering themselves. This Marketwired.com story was picked up by the finance.yahoo.com Internet site about 9:30 a.m. EDT on Friday morning—and I thank Ted for bringing it to our attention.