New uranium fund begins trading

Sprott Asset Management earlier this year entered into a definitive agreement to convert uranium investment company UPC to convert into the Sprott Physical Uranium Trust and pursue listing on US stock exchanges. UPC's shareholders are now unit holders of the Trust, which is trading under the symbol U.UN in Canadian dollars and U.U in US dollars.

"The Sprott Physical Uranium Trust is the world’s largest publicly-listed physical uranium fund and a perfect addition to our physical trust franchise," Sprott Asset Management CEO John Ciampaglia said.

The transaction adds about USD600 million to Sprott's total assets under management, and provides the company an important strategic foothold in the clean energy metals space, Sprott Inc CEO Peter Grosskopf said. "We have a very constructive view on uranium and believe this new trust presents a compelling opportunity to create value for our shareholders by expanding our offerings into areas that complement our core positioning in precious metals."

The Sprott Physical Uranium Trust said it purchased 100,000 pounds U3O8 (38.5 tU) on its first day of trading. It held a total of 18,194,658 pounds U3O8 at the close of market.