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LONDON - iShares Physical Metals Plc announced on Wednesday the issuance of 676,000 securities of iShares Physical Gold ETC, representing Tranche Number 2377 of its gold-backed exchange-traded commodity offering.
The securities were issued at a price of $78.84 per unit with a metal entitlement of 0.019413580 fine troy ounces of gold per security, according to a press release statement from the company.
Following this issuance, the total number of iShares Physical Gold ETC securities outstanding will increase to 394,024,777 from the previous 393,348,777.
The securities have been admitted to trading on the London Stock Exchange and the Frankfurt Stock Exchange. Each security is backed by physical gold held in allocated form by the custodian, JPMorgan Chase Bank, N.A., London Branch.
The gold-backed securities maintain a total expense ratio of 0.12% per annum, which is applied to the metal entitlement on a daily basis.
The securities are undated with no final maturity date and are designed to provide investors with exposure to gold without requiring physical delivery of the metal. They can be traded through financial intermediaries on the exchanges where they are listed.
This issuance is part of iShares Physical Metals' Secured Precious Metal Linked Securities Programme, which allows for the creation of asset-backed securities linked to precious metals.
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