Oct. 31 (Bloomberg) -- The Royal Canadian Mint, a government-owned organization that mints and distributes coins, plans to raise C$250 million ($251 million) by offering exchange traded receipts in an initial public offering of its gold reserves.
The company plans to offer units priced at C$20 each, according to a statement on Oct. 28. The units will be listed on the Toronto Stock Exchange.
Each receipt will represent evidence of the ownership in physical gold bullion held in custody of the Royal Canadian Mint, the Ottawa-based company said. Proceeds from the sale will be used to buy gold, and the buyers of the receipts will own the gold rather than a stake in the mint, according to the statement.
The sale is being arranged by a group of banks led by TD Securities and National Bank Financial.
--Editor: David Scanlan
To contact the reporter on this story: Sean B. Pasternak in Toronto at email@example.com.
To contact the editors responsible for this story: David Scanlan at firstname.lastname@example.org; David Scheer at email@example.com.