Polar Acquires Trust Units of Silver Bullion Trust

TORONTO, Dec. 18, 2015 /CNW/ - On December 17, 2015, Polar Asset Management Partners Inc. (formerly Polar Securities Inc.) ("Polar"), on behalf of Polar Multi-Strategy Master Fund (formerly North Pole Capital Master Fund) (the "Fund") which is an investment fund advised by Polar, acquired control and direction over 3,300 trust units (the "Acquired Units") of Silver Bullion Trust (the "Trust") that were acquired by the Fund. The Acquired Units represent approximately 0.06%% of the issued and outstanding trust units of the Trust ("Units") based on 5,467,228 Units issued and outstanding as of December 4, 2015 as stated by the Trust in its management information circular (the "Outstanding Trust Units").

After giving effect to the acquisition of the Acquired Units, the Fund owns a total of 659,700 Units, representing approximately 12.07% of the Outstanding Trust Units. Polar exercises control and direction over all of such Units in its capacity as investment advisor to the Fund.

The Acquired Units were acquired through the facilities of the Toronto Stock Exchange and the Chi-X Canada alternative trading system at an average price of $10.19 per Unit.

The Fund acquired the Acquired Units through the open market for investment purposes. The Fund may take any actions in respect of the Units as it deems appropriate at the time.

About Polar Asset Management Partners Inc.

Established in 1991, Polar Asset Management Partners Inc. (formerly Polar Securities, Inc.) 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

Neither the issuance of this news release nor the filing by Polar of an "early warning" report required to be filed in accordance with applicable Canadian securities laws is an admission that any individual or entity named or referred to in this news release or in an "early warning" report of Polar owns or controls any described securities or is a joint actor with another individual or entity named or referred to in this news release.

The address of Polar 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 at the address specified below:

Polar Asset Management Partners Inc.
401 Bay Street
Suite 1900, P.O. Box 19
Toronto, Ontario
M5H 2Y4
Greg Lemaich, Vice President and General Counsel
[phone]

SOURCE Polar Asset Management Partners Inc.

Riyaz Lalani, Bayfield Strategy Inc., [phone]