News & Events

Exchange Bulletin

Royal Canadian Mint – Canadian Silver Reserves To Trade On Toronto Stock Exchange

November 1, 2012

Royal Canadian Mint – Canadian Silver Reserves (the “Mint Silver Reserves”) - An application has been granted for the original listing in the Industrial category of up to a maximum of 26,000,000 exchange-traded receipts of the Mint Silver Reserves (the “ETRs”) of which up to 5,000,000 ETRs will be issued and outstanding, and up to 21,000,000 ETRs will be reserved for issuance upon completion of an initial public offering (the “Offering”).

The ETRs will be listed and posted at the open on Monday, November 5, 2012 in anticipation of the public offering which is expect to close no later than 12:00 pm on Monday November 5, 2012. The ETRs will be delayed from opening for trading, pending closing of the Offering which will be confirmed by traders note.

The ETRs will be represented by one or more fully registered, book-based silver ETR certificates (the "Silver ETR Certificate"). The Silver ETR Certificate will be held by or on behalf of CDS Clearing and Depository Services Inc. or its nominee ("CDS") in Toronto, Canada as custodian of the Silver ETR Certificate, and registered in the name of CDS. ETR Holders will not be entitled to receive ETRs in definitive form. The ETRs evidenced by the Silver ETR Certificate will be registered in the name of CDS and maintained in a book position, electronically, on the register of Computershare Investor Services Inc., in its capacity as transfer agent. Beneficial interests in the Silver ETR Certificate, constituting ownership of the ETRs, will be represented through book-based accounts of institutions acting on behalf of ETR Holders, as direct and indirect participants of CDS. CDS will be responsible for establishing and maintaining book-based accounts for its participants having interests in the Silver ETR Certificate. Transfers of ownership of beneficial interests in the Silver ETR Certificate will be effected through records maintained for the Silver ETR Certificate by CDS or its nominee.

Additional information on the ETRs may be found in the final information statement dated October 29, 2012 (the “Information Statement”), which is available at www.SEDAR.com. and www.reserves.mint.ca. Capitalized terms not otherwise defined are as defined in the Information Statement.

Stock Symbol: “MNS” and “MNS.U”
CUSIP: 779921 11 3
Trading Currency: CDN$ and US$

Designated
Market Maker:National Bank Financial Inc.
Other Markets:None
Head Office
Address:320 Sussex Drive
Ottawa, Ontario
K1A 0G8
Email Address:reserves@mint.ca
Website Address:www.reserves.mint.ca
Head Office
Telephone Number:1-866-677-1477
Fax Number:(613) 998-4130
Investor Relations:Steve Higgins, Senior Manager, ETR Compliance and Investor Relations
(613) 993-9833
higgins@mint.ca
-and-
Olivia Chen, Business Manager, Bullion and Refinery Services
(613) 949-7963
chen@mint.ca
Chief Financial Officer:J. Marc Brûlé
Corporate Secretary:Marguerite F. Nadeau
Incorporation:The Royal Canadian Mint (the “Mint”) is a commercial federal Crown corporation producing circulation, numismatic (collectible) and bullion coins for the domestic and international markets in anticipation of profit. In addition to being responsible for the minting and distribution of Canada's circulation coins, the Mint operates full-service silver and silver refineries that provide customers with a range of services that include secure storage and assaying.
Fiscal Year End:December 31
Nature of Business:The objective of the Mint's Canadian Silver Reserves Program is to provide an exchange-traded investment vehicle that tracks the price of silver and makes investing directly in physical silver available to institutional and retail investors.
Transfer Agent &
Registrar:Computershare Investor Services Inc. at its principal office in Toronto.
Redemption of ETRs:ETRs are redeemable at the option of the ETR Holder once per month for cash or for physical silver bullion, commencing February 15, 2013 and thereafter on the 15th day of each month (or, if not a business day, on the next succeeding business day).
Per ETR Entitlement to
Silver: The Per ETR Entitlement to Silver will be fixed on the closing date and will be expressed as a fraction of one troy ounce of silver as of the closing date. The Mint will issue a press release on the closing date announcing the initial Per ETR Entitlement to Silver. A further trader note will be issued by TSX once the initial Per ETR Entitlement to Silver is confirmed. The Per ETR Entitlement to Silver will be reduced daily by the Service Fee of 0.45% per annum and will be posted daily to www.reserves.mint.ca. Reference should be made to the Information Statement for further details concerning the calculation of the Per ETR Entitlement to Silver.
Purchase Right:Each ETR also entitles the holder thereof, on each of September 19, 2013 and September 18, 2014, to purchase for CDN$20.00 a number of additional ETRs equal to CDN$20.00 divided by the sum of (i) the Per ETR Entitlement to Silver on the Purchase Date multiplied by the Canadian dollar equivalent of the spot price of silver on such Purchase Date stipulated in the silver purchase agreements entered into on the Purchase Date and (ii) the Mint's out-of-pocket expenses incurred in connection with the Purchase Right divided by the number of ETRs in respect of which the Purchase Right is exercised.
Public Offering:Pursuant to the terms of the Information Statement, up to 5,000,000 ETRs are being offered to the public by TD Securities Inc., National Bank Financial Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Canaccord Genuity Corp., Scotia Capital Inc., BMO Nesbitt Burns Inc., Dundee Securities Ltd., Raymond James Ltd., Desjardins Securities Inc., GMP Securities L.P., Mackie Research Capital Corporation, Macquarie Private Wealth Inc. and MGI Securities Inc., as underwriters, at a price of CDN$20.00 or US$19.98 per ETR.