New Canada-Based Precious Metals Fund Unveiled
Source: Platinum Today (8/7/09)
"Brompton Funds Management. . .launched a new precious metals fund, which is set to feature platinum."
A final prospectus has been filed for the fund, the Precious Metals Bullion Trust, and the Toronto Stock Exchange has conditionally approved its units and warrants.
According to the company, the fund has the potential to reach a maximum of $120 million, which would equate to about 36,000 oz of platinum at current market prices.
"The investment objective of the fund is to provide unit holders with a secure, low-cost and convenient method of investing in gold, silver and platinum bullion on a Canadian dollar-hedged basis," it said.
"Units are redeemable quarterly for a redemption price equal to 100% of the net asset value per unit less costs, beginning in April 2010."
Assuming the fund meets customary requirements, trading will commence on 14th August, with the units and warrants taking the respective symbols PBU.UN and PBU.WT.