Sprott files paperwork for a battery metal exchange-traded investment
Sprott Asset Management said yesterday it filed a a preliminary prospectus for the trust to create a exchange-traded investment focused on battery metals.
"[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, non-redeemable units at a price of US$10.00 per Unit. The number of Units to be sold has not yet been determined," writes Sprott in a news release.
"The Trust is a closed-end trust established to invest and hold substantially all of its assets in physical nickel metal, cobalt metal and lithium carbonate. The net proceeds of the Offering will be used to purchase Battery Metals."