Mar. 4, 2011 (Canada NewsWire Group) --
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.
For media inquires, please contact:
Vice President, Marketing, Claymore Investments, Inc.