TransactionsSilver Bullion Trust Closes US$27,237,870 Initial Public OfferingPublished: 10/09/2009 By Tom Koutoulakis, Christopher B. Norton On July 29, 2009, Silver Bullion Trust closed its initial public offering of 2,600,000 Units of the Trust at a price of U.S.$10.00 per Unit with CIBC, raising total gross proceeds of US$26,000,000. Each Unit was comprised of one redeemable, transferable trust unit of the Trust and one warrant of the Trust. Each Warrant entitles the holder thereof to acquire one trust unit at an exercise price of U.S.$10.00 at any time on or before April 29, 2010, in accordance with the terms and conditions of the Warrant Indenture. On August 13, 2009, Silver Bullion Trust issued an additional 112,912 trust units of the Trust at U.S.$9.25 per trust unit and 257,912 warrants of the Trust at U.S.$0.75 per warrant, for additional gross proceeds to Silver Bullion Trust of U.S.$1,237,870, pursuant to the exercise of an over-allotment option. As a result of the exercise of the overallotment option by CIBC, Silver Bullion Trust raised total gross proceeds of $27,237,870 pursuant to the Offering. Cassels Brock represented CIBC with a team that included Norman Findlay (Securities), Tom Koutoulakis (Securities) and Christopher Norton (Tax). |