I'll answer my own question:
http://blogs.barrons.com/focusonfunds/2012/07/12/ignore-todays-noise-in-sprott-silver-fund/?mod=yahoobarrons&source=email_rt_mc_body&ifp=0
"The Sprott fund is down 3.8% in mid-Thursday trading at a time when the iShares Silver Trust (SLV) is up 0.3%. What gives! You ask. Sprott priced a follow-on offering of 18.1 million shares at $11.05, for proceeds of about $200 million, or $230 million if underwriters exercise their over-allotment option. Judge the offering by its relationship to the net-asset value, which stood at $10.71 as of yesterday, or a 7.2% premium to the market value, according to CEF Connect. The offering priced at 3.2% above last night’s NAV.
In plain English, Sprott turned some of the fund’s premium into cash it can use to buy more silver in the future. And it got a better price for the shares than the value of the underlying assets."
Ended up buying a teeny bit more at $11.01!
AGQ actually closed the day up 0.68%