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Silver Bullion Trust Unitholders approve ETF conversion with Purpose Investments


Silver Bullion Trust (SBT) unitholders have voted to approve the trust’s conversion from a closed-end fund to a silver-bullion exchange traded fund at a special meeting in Toronto.

As soon as possible, Purpose Investments Inc. will become the new manager and trustee of the Trust once the amendments to the DOT are signed and the bullion holdings will be administered by Silver Administrators Limited, SBT's current administrator.
In addition, following signing of the amendments to the DOT, for the period prior to completion of the ETF Conversion, SBT's current redemption features will be amended to provide significantly enhanced liquidity for ALL unitholders, similar to the liquidity expected after completion of the ETF Conversion. During this period, ALL unitholders will be able to redeem their units for cash at 100% of NAV(1) on a bi-weekly basis.
The implementation of the ETF Conversion is subject to certain stock exchange and regulatory approvals. SBT 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.

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