Friday February 12th, 2016
Purpose Investments Inc. (“Purpose”), is pleased to announced it has become the manager and trustee of Silver Bullion Trust (“SBT”) following unitholder approval on January 26, 2016 of certain amendments to SBT’s Amended and Restated Declaration of Trust (the “DOT”).
The approved amendments of the DOT enable SBT to convert into an exchange traded fund (“ETF Conversion”). Additionally, for the interim period prior to completion of the ETF Conversion, SBT’s current redemption features have been amended to allow unitholders to redeem their units for cash at 100% of NAV( ) every second Wednesday (ie. on a bi-weekly basis), the first such redemption date is Wednesday February 24, 2016. A redemption notice must be received at least 5 trading days prior to the redemption date in order to be effective.
The implementation of the ETF Conversion is subject to certain stock exchange and regulatory approvals. Purpose currently anticipates the ETF Conversion will be implemented in March 2016. Purpose will issue a press release announcing the effective date of the ETF Conversion as soon as practicable after all of the approvals have been obtained. Unitholders will not be required to take any action in connection with the ETF Conversion.