Some additional info from the weekly newsletter published by the canadianwarrants.com website. I'm not sure, but I suspect it's from newsreleases:

SBT.UN 2,600,000
SBT.WT 2,600,000

Silver Bullion Trust:

- Convenient, Lower-Cost Alternative to Purchasing Silver Bullion Directly
- Very Low Administration Fees - 0.6%, which will cover most operating expenses other than taxes
- Direct Leverage to Silver Prices Enhanced With Addition of Full Trust Warrant
- Low Cost Relative to Mining Equities
- Lower Risk Relative to Silver Mining Equities
- Conservative Management with Forty-Five Year Track Record stewarding Central Fund of Canada Limited (CEF) and Central GoldTrust (GTU)
- Investment Safety - Highest Investment Security with Bullion being held on an unencumbered, allocated and insured basis in Canada. Physical holdings will be inspected annually by Ernst & Young LLP and Trust representatives
- Potentially Favourable Tax Treatment Relative to Bullion and ETFs for US Investors
- Claymore Silver Bullion Trust will hold silver bullion directly. Because bullion is priced in U.S. dollars, Claymore said it will hedge substantially all of the fund's U.S.-dollar currency value back to the Canadian dollar.

There are currently 2,600,000 issued and outstanding warrants that are exercisable into units of the Trust at an exercise price of one warrant plus 10.00 US$ = one unit. The expiry date of the warrants is April 29, 2010.

Claymore Silver Bullion Trust’s objective is to replicate the performance of the price of silver bullion began trading on the Toronto Stock Exchange on July 29th. The warrants which entitle investors to purchase an additional unit for $10 until the close of business on Jan. 15, 2010 were also listed for trading.

The original offering price was $10 for one trust unit and one warrant. Gross proceeds of $36 million were raised. The over-allotment option means underwriters can still purchase up to an additional 540,000 trust units and/or warrants during the next 30 days.

Though the trust units may trade at a discount or premium to net asset value, the trust will automatically convert to an exchange-traded fund if the units trade at a discount to NAV for 10 consecutive days after Jan. 15, 2010.