SBT.U Purpose Silver Bullion Fund

NOT FOR DISTRIBUTION TO U. S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES




TSX SYMBOLS:  Trust Units SBT.UN (Cdn.$) and SBT.U (U.S.$)
              Warrants SBT.WT (Cdn.$) and SBT.WT.U (U.S.$)



Silver Bullion Trust (TSX:SBT.UN)(TSX:SBT.U)(TSX:SBT.WT)(TSX:SBT.WT.U) (the
"Trust") of Ancaster, Ontario is pleased to announce the closing of its initial
public offering of 2,600,000 units of the Trust (the "Units") (the "Offering")
at a price of U.S.$10.00 per Unit with CIBC (the "Agent"), raising total gross
proceeds of U.S.$26,000,000. Each Unit was comprised of one redeemable,
transferable trust unit of the Trust (a "Trust Unit") and one warrant of the
Trust (a "Warrant"). 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.


The net proceeds of the Offering will be used to acquire and hold silver bullion
and, incidental thereto, minor amounts of silver certificates, if any, in
accordance with the objective and the policies and restrictions of Silver
Bullion Trust contained in its Amended and Restated Declaration of Trust. All of
the physical silver bullion owned by the Trust will be stored on an allocated
and segregated basis in Canada, in the treasury vaults of a Schedule 1 Canadian
chartered bank (the "Bank").


The total of issued and outstanding Trust Units is 2,600,000. The total of
issued and outstanding Warrants is 2,600,000. The asset holdings of Silver
Bullion Trust will be represented by silver bullion.


Silver Bullion Trust has also granted CIBC, the Agent, an over-allotment option,
exercisable in whole or in part until 30 days after the closing, to purchase a
maximum of 15% of the aggregate number of Trust Units issued at the closing at a
price of U.S.$9.25 per Trust Unit and to purchase a maximum of 15% of the
aggregate number of Warrants issued at the closing at a price of U.S.$0.75 per
Warrant. If the over-allotment option is exercised in full, the total gross
proceeds of the Offering will be increased to approximately U.S.$29,900,000. The
net proceeds from the exercise of the over-allotment option will be primarily
used to acquire additional silver.


Silver Bullion Trust is the newest bullion holding entity created by the
founders and stewards of Central Fund of Canada Limited (TSX: CEF.A and CEF.U
and NYSE Amex LLC: CEF), a gold and silver bullion holding company established
in 1961 and converted to "The Sound Monetary Fund" in 1983 and Central GoldTrust
(TSX: GTU.UN and GTU.U and NYSE Amex LLC: GTU), a gold bullion holding trust
established in 2003.


Silver Bullion Trust, established by a Declaration of Trust under the laws of
the Province of Ontario on June 8, 2009, as amended and restated on July 9,
2009, is a passive, self-governing, single purpose, closed-end trust, which has
been created to hold substantially all of its assets in unencumbered, long-term
holdings of silver bullion, with the primary investment objective of passively
maintaining long term holdings of silver bullion. The purpose of the Trust is to
acquire and hold unencumbered silver bullion on a long-term basis in 1,000 ounce
international bar sizes, and not to speculate with regard to short-term changes
in silver prices. The Trust Units and Warrants provide a secure, convenient,
low-cost, exchange tradeable investment alternative for investors interested in
silver bullion physically stored in allocated and segregated safekeeping in
Canadian chartered bank treasury vaults, without the associated inconvenience
and relatively high transaction, handling, storage, insurance and other costs
typical of a direct silver bullion investment. The Trust's silver bullion
holdings will be physically inspected during audits by Ernst & Young LLP in the
presence of one or more of the Trust's Trustees and/or Officers, as well as Bank
officials.


Trust Units and Warrants of Silver Bullion Trust are qualified investments for
RRSPs, DPSPs, RRIFs, RESPs and TFSAs. For details, refer to the "Eligibility for
Investment" heading in the final prospectus of Silver Bullion Trust dated July
9, 2009. The Trust Units and Warrants are listed in Canadian dollars on the TSX
under the symbols SBT.UN and SBT.WT and in U.S. dollars under the symbols SBT.U
and SBT.WT.U, respectively.


Silver Administrators Limited, Directors and Officers of which have significant
experience in the stewardship of silver bullion investments, is the
Administrator of the Trust.


This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States or to or for the account
or benefit of a U.S. person. The securities have not been and will not be
registered under the United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be offered or sold
within the United States or to U.S. persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption from such
registration is available.


Information regarding Silver Bullion Trust is available on its website at
www.silverbulliontrust.com.

Purpose Silver Bullion (TSX:SBT.U)
Historical Stock Chart
Von Mai 2024 bis Jun 2024

Purpose Silver Bullion (TSX:SBT.U)
Historical Stock Chart
Von Jun 2023 bis Jun 2024