Sprott Physical Copper gets OK for NYSE Arca listing

Executive Summary

• The U.S. Securities and Exchange Commission (SEC) has approved the NYSE Arca's Rule 19b-4 application to list and trade Sprott Physical Copper Trust units on the NYSE Arca.
• This approval establishes a path for a dual listing of the trust units on both the Toronto Stock Exchange and the NYSE Arca.
• The final listing remains subject to the filing and effectiveness of a registration statement under the U.S. Securities Exchange Act of 1934.

Key Details

• Regulatory Action: SEC approval of NYSE Arca Rule 19b-4 application for listing Sprott Physical Copper Trust units.
• Listing Status: Dual listing on Toronto Stock Exchange and NYSE Arca is now possible, pending final registration statement effectiveness.
• Redemption Feature Amendments:
  • Existing semi-annual redemption feature is expected to be amended to provide for monthly redemptions.
  • The current cap on the number of units that can be redeemed each period (currently capped at 1.5% of outstanding units) is expected to be removed.
• Unitholder Approval: Implementation of the amended redemption feature requires unitholder approval at a meeting to be held in due course, per Canadian securities laws.
• Strategic Rationale: CEO John Ciampaglia stated the U.S. listing provides easier access for U.S. investors to the only exchange-listed physical copper fund, addressing growing demand for copper in electricity generation, distribution, and storage.
• Risk Disclosure: Sprott cannot provide assurance that the listing will be successfully achieved.

Notable Quotes

• "We are very pleased to have received this approval, which moves us closer to listing the Sprott Physical Copper Trust on the NYSE Arca. A U.S. listing of the trust units will provide U.S. investors with easier access to invest in the only exchange-listed physical copper fund at a time when there is growing demand for copper, a critical material essential to meet growing demand for electricity generation, distribution and storage." — John Ciampaglia, CEO, Sprott Asset Management LP