The Royal Canadian Mint (the “Mint”) completed the initial public offering of 30,000,000 exchange-traded receipts (the “ETRs”) under its Canadian Gold Reserves program for gross proceeds of $600,000,000. The ETRs are listed on the Toronto Stock Exchange in Canadian and US dollars. The offering was made on a best-efforts basis through a syndicate of agents led by TD Securities Inc. and National Bank Financial Inc.
Each ETR represents an equal undivided direct legal and beneficial interest in physical gold bullion held in the custody of the Mint at its facilities in Ottawa, Ontario, entitling the holder to physical gold bullion with a minimum purity of 99.99 per cent. The Canadian Gold Reserves program provides a secure, convenient, exchange-traded investment without the complexity that is typical of a direct investment in physical gold bullion.
The Mint was represented in-house by Marguerite Nadeau, QC, Vice President, General Counsel and Corporate Secretary, Corporate and Legal Affairs, Simon Kamel, Senior Legal Counsel and Jean-François Croteau, Legal Counsel. Davies Ward Phillips & Vineberg LLP acted as counsel for the Mint, with a team comprising Patricia Olasker, Jim Reid and Michael Jemczyk (corporate and securities) and Neal Armstrong (tax).
Osler, Hoskin & Harcourt LLP acted as counsel to the agents, with a team comprising Andrew Aziz and Brian Gray (corporate and securities) and Timothy Hughes (tax).