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Press release from CNW Group

Sprott Physical Silver Trust Announces Completion of its Follow-on Offering of Trust Units

Tuesday, July 17, 2012

Sprott Physical Silver Trust Announces Completion of its Follow-on Offering of Trust Units11:26 EDT Tuesday, July 17, 2012TORONTO, July 17, 2012 /CNW/ - Sprott Physical Silver Trust (the "Trust") (NYSE: 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 (the "Manager"), today announced that it has completed its follow-on offering of 18,100,000 units of the Trust ("Units") at US$11.05 per Unit for gross proceeds of US$200,005,000 (the "Offering").The Trust will use the net proceeds of the Offering to acquire physical silver bullion in accordance with the Trust's objective and subject to the Trust's investment and operating restrictions described in the prospectus related to the Offering. Once the Trust has taken delivery of all the silver bullion and the silver custodian has processed all the bars into inventory, the Trust will publish the serial numbers of all bars held by the Trust on its website. The net proceeds of the Offering per Unit were greater than 100% of the most recently calculated net asset value per Unit of the Trust prior to, or upon determination of, pricing of the Offering, as required under the trust agreement governing the Trust. The Units are listed on NYSE Arca and the Toronto Stock Exchange under the symbols "PSLV" and "PHS.U", respectively. The Offering was made simultaneously in the United States and Canada by underwriters led by Morgan Stanley and RBC Capital Markets in the United States and RBC Capital Markets and Morgan Stanley in Canada. This news release does not constitute an offer to sell or a solicitation of an offer to buy the Units, nor shall there be any sale of the Units in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. For further information: Investor Contact Information: Sprott Physical Silver Trust (416) 203-2310 or Toll Free: 1 (877) 403-2310 Email: