Claymore Silver Bullion Trust has raised additional aggregate proceeds of $35,160,000 following the exercise of 3,516,000 warrants for the purchase of units of the fund, Claymore Investments, Inc. said Tuesday.

The proceeds of all warrant exercises are now fully invested in silver bullion, Claymore says.

As at January 18, the fund held 4,197,000 ounces of physical silver bullion at a weighted average cost of U.S.$15.87 per ounce on a fully hedged basis.

As of close of business on January 18, the fund units were trading at a price of $11.19 per unit, and the current fully-diluted net asset value (NAV) per unit was $11.43.

The fund has an automatic conversion feature that will convert into an exchange-traded fund if, for a period of 10 consecutive trading days after Jan. 15, 2010, the daily volume-weighted average trading price of the fund units is greater than a discount of 2% of NAV per unit for that day.

As at January 18, 2010, the fund has 7,116,600 units issued and outstanding. The units are listed on the Toronto Stock Exchange under the symbol SVR.UN. (TSX:SVR.UN)

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

Claymore Investments, Inc. manages a suite of 25 ETFs and three closed-end funds across broad asset classes including core equity, global sectors, fixed income and commodities.

IE