REDEMPTION OF ETRS
ETRs are redeemable at the option of the ETR Holder once per month for cash or for physical silver bullion on the 15th day of each month (or, if not a business day, on the next succeeding business day).
REDEMPTION FOR PHYSICAL SILVER BULLION:
Notices of physical redemption must be in respect of a minimum of 5,000 ETRs. ETRs representing less than 25 troy ounces of physical silver bullion will be paid in cash by the Mint at the NAV per ETR on the Redemption Date.
Subject to the minimum redemption amount, ETRs may be redeemed for physical silver bullion, at the option of the ETR Holder, in the form of one or more of the following Mint products with a minimum purity of 99.9%: London Good Delivery bars; 100 ounce bars; and one ounce silver Maple Leaf coins (in increments of 25), which have a minimum purity of 99.99%. A London Good Delivery bar contains between 750 and 1,100 troy ounces of silver.
In circumstances in which a suspension or postponement of redemptions would otherwise be warranted, the Mint will be permitted to provide ETR holders redeeming for physical silver bullion with substituted products. This would occur if the Mint determines that conditions exist which render impractical the fabrication, evaluation or sale of silver or certain physical silver bullion products. In such a circumstance, the Mint may, in addition to suspending redemptions and postponing the date of delivery or payment of redemption proceeds, substitute the physical bullion requested by an ETR holder for a product in the form requested, but manufactured by a party other than the Mint with equivalent minimum purity to the product requested, and/or for a product manufactured by the Mint in a form available under the Program but different than the form requested.
An ETR Holder redeeming for physical silver bullion will be responsible for arranging pick-up and delivery from the Mint's facilities by an industry-recognized armoured carrier, as set out on the Program Website, at its own expense. Any fractional cash amount will be remitted to a redeeming ETR Holder within 10 business days of the Redemption Date.
PHYSICAL REDEMPTION FEES:
For physical redemptions, there is a redemption fee of C$100 per redemption request and a fabrication fee of (i) US$3.00 per ounce for Silver Maple Leaf coins, (ii) US$1.50 per ounce for 100 ounce bars and (iii) US$0.25 per ounce for London Good Delivery bars.
The Mint will deduct such Physical Redemption Fees from the cash portion of the amount payable to the redeeming ETR Holder on redemption of physical silver bullion. If such cash payable is insufficient to cover the Physical Redemption Fees, the amount of physical silver bullion made available on a redemption will be reduced by the amount required to be sold to pay the balance of the Physical Redemption Fees.
All such fees may be varied by the Mint on not less than 10 days' advance notice in the event of a decrease in such fees and not less than 90 days' advance notice in respect of any other change to such fees.
CASH REDEMPTION :
The cash redemption price (the "Cash Redemption Price") per ETR paid by the Mint is equal to 95% of the lesser of (i) the volume-weighted average trading price of the ETRs on the TSX for the last five trading days prior to and including the Redemption Date, and (ii) the net asset value ("NAV") per ETR on the Redemption Date. The NAV per ETR on any day is determined by multiplying the Per ETR Entitlement to Silver by the Silver Price on that day.
The Cash Redemption Price will be remitted to a redeeming ETR Holder within 10 business days following the Redemption Date.