TORONTO, Jan. 20, 2015 /CNW/ – On January 19, 2015, Polar Securities Inc. (“Polar Securities“), on behalf of North Pole Capital Master Fund (the “Fund“) which is an investment fund advised by it, acquired control and direction over 1,000 trust units (the “Acquired Units“) of Silver Bullion Trust (the “Trust“) that were acquired by the Fund. The Acquired Units represent approximately 0.02% of the issued and outstanding trust units of the Trust (“Units“) based on 5,467,228 Units issued and outstanding as of October 22, 2014 as stated by the Trust in its management discussion & analysis for the third financial quarter ended September 30, 2014 (the “Outstanding Trust Units“).

After giving effect to the acquisition of the Acquired Units, the Fund owns a total of 547,600 Units, representing approximately 10.02% of the Outstanding Trust Units. Polar Securities exercises control and direction over all of such Units in its capacity as investment advisor to the Fund.

The Fund acquired the Acquired Units through the open market for investment purposes. Polar Securities is considering and evaluating various means to enhance unitholder value at the Trust. Polar Securities will seek to engage with management and the board of the Trust in dialogue and actions related to unitholder rights and related matters, up to and including unitholder proposals and requisitions. The Fund may acquire additional Units through open market purchases or otherwise.

The Acquired Units were acquired through the facilities of the Chi-X Canada alternative trading system at an average price of $11.45 per Unit.

About Polar Securities Inc.

Established in 1991, Polar is registered as an Investment Fund Manager with the Ontario Securities Commission and is a member of the Investment Industry Regulatory Organization of Canada. Polar acts as investment manager of certain investment funds and other managed accounts and manages over $2 billion of client funds.

Additional Information

The address of Polar Securities and other contact information is set forth below. For further information, including to obtain a copy, once filed, of the “early warning” report required to be filed in accordance with applicable Canadian securities laws, contact Polar Securities at the address specified below:

Polar Securities, Inc.
401 Bay Street
Suite 1900, P.O. Box 19
Toronto, Ontario
M5H 2Y4
Greg Lemaich, Vice President Legal
(416) 369-8087

SOURCE Polar Securities Inc.