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LONDON - iShares Physical Metals Plc announced Monday the issuance of 260,000 new securities of its iShares Physical Gold ETC, representing Tranche Number 2371 of the series.
According to the final terms document released by the company, the new issuance increases the total number of securities in the series from 395,446,777 to 395,706,777. The securities were issued at a price of $77.542583 per unit.
Each security has a metal entitlement of 0.019414282 fine troy ounces of gold, which represents the amount of physical gold backing each security. The securities are traded on the London Stock Exchange and the Frankfurt Stock Exchange.
The iShares Physical Gold ETC securities are designed to provide investors with exposure to gold without requiring physical delivery of the metal. The securities have a total expense ratio of 0.12% per annum, which is applied to the metal entitlement on a daily basis.
The securities are secured, limited recourse obligations of the issuer, with the underlying gold held in allocated form by or on behalf of the company. They have no final maturity date, being described as "Open Ended" in the terms document.
JPMorgan Chase Bank, N.A., London Branch serves as the metal counterparty for the securities, while Citibank N.A. London Branch acts as the paying agent.
The information was disclosed in a regulatory filing based on a press release statement from the company.
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