An IPO annouced on TDW this morning...

Claymore Silver Bullion Fund

Category: Structured Trust

Price: $10.00 CDN per unit consisting of one trust unit and one warrant.

The TDW website has the prospectus, but I assume it is also available at Claymore's website.

Summary from the TDW new issue page...

"The investment objective of the Fund is to replicate the performance of the price of silver bullion, less the Fund’s expenses and fees. The Fund is not actively managed. The Fund does not anticipate making regular distributions.

The net proceeds of the Offering will be used to purchase and hold physical silver bullion in accordance with the investment objective, strategy, policies and restrictions of the Fund. All of the Fund’s physical silver bullion will be stored on an allocated basis in the vaults of, a Canadian Schedule I chartered bank, or an affiliate or a division thereof, or a sub-custodian. The majority of the silver bullion will be held in locations in Canada with the remaining silver held in London and/or New York. All of the silver bullion purchased by the Fund will be certified either “LBMA Good Delivery List” or “COMEX Good Delivery”.

The Fund has been created to provide holders of Units with an exposure to physical silver bullion with a currency hedge against the US dollar (“USD”). The Manager believes that the Fund will provide a secure, low-cost and convenient alternative to investors interested in holding silver bullion.

Commencing in 2010, Fund Units may be surrendered annually for redemption during the period from June 1 until 5:00 p.m. EST on the 20th business day before the last business day in July in each year subject to the Fund’s right to suspend redemptions in certain circumstances. Fund Units surrendered for redemption during the Notice Period will be redeemed on the second last business day of July of each year and Unitholders will receive payment on or before the 15th day following the Annual Redemption Date. Redeeming Unitholders will receive a redemption price per Fund Unit equal to NAV per Fund Unit determined as of the Annual Redemption Date less any costs and expenses incurred by the Fund in order to fund such redemption. Fund Units are also redeemable monthly. In the event of the Conversion of the Fund to an ETF such annual redemptions will no longer be available and Unitholders will be able to exchange and redeem their Fund Units.

The Fund does not have a fixed termination date but may, prior to Conversion, be terminated at any time with the approval of Unitholders by an Ordinary Resolution. After paying outstanding liabilities, the Fund will, on termination, distribute its remaining assets pro rata to Unitholders. In addition, prior to Conversion, the Manager may, in its discretion, terminate the Fund without the approval of Unitholders if, in its opinion, it is no longer economically feasible to continue the Fund and/or it would be in the best interests of the Unitholders to terminate the Fund. The Fund will provide Unitholders notice in writing through CDS no less than 30 days and no more than 60 days prior to such termination date and will issue a press release in respect thereof at least 10 business days in advance of such termination date.

The Offering consists of units of the Fund. Each Unit will be comprised of one redeemable, transferable trust unit of the Fund and one warrant.

Each Warrant will entitle the holder to acquire one Fund Unit at an exercise price of $10.00 per Fund Unit at any time before 4:00 p.m. EST on the date that is 6 months following the Closing Date. Warrants not exercised by the Expiry Time will be void and of no value.

The issuer's website can be found at http://www.claymoreinvestments.ca

Please refer to the prospectus for full details of this offering."

The Preliminary prospectus shows the following as dealers:

"GMP Securities L.P., TD Securities Inc., Canaccord Capital Corporation, BMO Nesbitt Burns Inc., Scotia Capital Inc., Dundee Securities Corporation, National Bank Financial Inc., Blackmont Capital Inc., Haywood Securities Inc., Raymond James Ltd., Research Capital Corporation, Wellington West Capital Markets Inc., Desjardins Securities Inc., Genuity Capital Markets, HSBC Securities (Canada) Inc., Richardson Partners Financial Limited and Rothenberg Capital Management Inc."