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TORONTO, March 4 /CNW/ --
TORONTO, March 4 /CNW/ - Claymore Investments, Inc. is pleased to
announce that Claymore Silver Bullion Trust (the "Fund") has completed
its offering (the "Offering") of 2,600,318 non-hedged units (the
"Non-Hedged Units") at an offering price of $15.00 per Non-Hedged Unit
for gross proceeds of $39,004,770.
The Non-Hedged Units will commence trading today on the Toronto Stock
Exchange (the "TSX") under the symbol "SVR.C".
The Fund completed its initial public offering of U.S. dollar hedged
units (the "Hedged Units") and warrants on July 15, 2009. The Hedged
Units currently trade on the TSX under the symbol "SVR.UN". Hedged
Units were not offered under the short form prospectus.
The Fund's investment objective is to replicate the performance of the
price of silver bullion, less the Fund's expenses and fees. This
objective will be accomplished by the Fund investing the net proceeds
of the Offering in holdings of unencumbered silver bullion. This
strategy will provide investors with the ability to invest in silver
bullion in a convenient, tradable and secure manner without the
associated inconvenience and high transaction, handling, storage,
insurance, and other costs typical of direct silver bullion investment.
Claymore will earn a management fee of 0.60% of the net asset value of
the Fund which includes all costs, operating expenses and custodian
fees of the Fund, other than certain compliance fees, taxes and
extraordinary expenses.
The Fund will automatically convert into an exchange-traded fund if the
Hedged Units trade at a pre-defined discount to net asset value for 10
consecutive days.
The Offering was made on a best efforts basis in each of the provinces
and territories in Canada through a syndicate of investment dealers
co-led by GMP Securities L.P., TD Securities Inc. and Canaccord Genuity
Corp., and including BMO Capital Markets Inc., Scotia Capital Inc.,
National Bank Financial Inc., HSBC Securities (Canada) Inc., Raymond
James Ltd., Desjardins Securities Inc., Dundee Securities Ltd., Haywood
Securities Inc., Mackie Research Capital Corporation, Rothenberg
Capital Management Inc. and Wellington West Capital Markets Inc.
About Claymore Investments, Inc.
Claymore Investments, Inc. is a leader in bringing intelligent, low cost
exchange-traded funds ("ETFs") in Canada through its family of 30 ETFs
and two closed-end funds across broad asset classes, including core
equity, global sectors, fixed income and commodities and includes the
Claymore Gold Bullion ETF (TSX: CGL). Claymore Investments, Inc.,
which, as at February 28, 2011, had approximately $6.0 billion in
assets under management, is a wholly-owned subsidiary of Guggenheim
Funds Services Group, Inc., a financial services and asset management
company based in the Chicago, Illinois area and is an indirect
subsidiary of Guggenheim Partners, LLC, ("Guggenheim") a global,
diversified financial services firm with in excess of US$100 billion in
assets under supervision. Guggenheim, through its affiliates, provides
investment management, investment advisory, insurance, investment
banking and capital markets services.
For more information investors should consult with their investment
advisor or visit our website at www.claymoreinvestments.ca.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/March2011/04/c8029.html
pFor media inquires, please contact:/p pDan Rubinbr/ Vice President, Marketing, Claymore Investments, Inc.br/ (416) 813-2018br/ a href="mailto:drubin@claymoreinvestments.ca"drubin@claymoreinvestments.ca/a/p por-/p pSom Seifbr/ President & CEO, Claymore Investments, Inc.br/ (866) 417-4640br/ a href="mailto:info@claymoreinvestments.ca"info@claymoreinvestments.ca/abr/ a href="http://www.claymoreinvestments.ca"www.claymoreinvestments.c/aa href="http://www.claymoreinvestments.ca"a/a/p