Silver Crown Royalties announces the purchase of 1,000 ounces of physical silver in the spot market as part of its silver exposure strategy.
The purchase was completed at an average price of $30.65 per ounce and reflects an 8% discount to 20-day VWAP and an 11% discount to recent highs. The average price was based on spot price of US$30.15 per ounce plus a premium of US$0.50 per ounce, for a total investment of US$30,650.
The physical silver will be stored with Money Metals Depository LLC, with the exact location to be confirmed, potentially at a designated sub-custodian facility managed by the depository. Peter Bures, Silver Crown’s Chief Executive Officer, commented, “We strive to maintain an adequate working capital position of at least six months.
We feel it is only prudent as a silver only royalty company to convert a portion of that cash to physical silver. SCRi’s ultimate vision is to provide a vehicle that serves as a hedge against currency devaluation, and we therefore feel it would be hypocritical to have exposure to 100% fiat money.
We appreciate our investors want exposure to silver, not fiat, which they can achieve easily without our assistance. The purchase was made with a cash payment received from PPX effectively converting a cash payment to physical silver bullion delivery.”
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