Ontario Commission des 22nd Floor 22e étage
Securities valeurs mobilières 20 Queen Street West 20, rue queen ouest
Commission de l’Ontario Toronto ON M5H 3S8 Toronto ON M5H 3S8
Web site: www.osc.gov.on.ca
VIA SEDAR
June 10, 2016
Borden Ladner Gervais LLP
Scotia Plaza, 40 King Street W.
Toronto, ON M5H 3Y4
Attention: Andrew McLean
Dear Mr. McLean:
Re: Sprott Asset Management LP (the Filer) and Sprott Silver Bullion Fund (the Fund)
Simplified Prospectus dated May 27, 2016
Exemptive Relief Application under Part 6 of National Instrument 81-101 Mutual Fund Prospectus Disclosure (NI 81-101)
Application No. 2016/0295; SEDAR Project No. 2470843
By letter dated June 1, 2016 (the Application), the Filer, on behalf of the Fund, applied to the Director of the Ontario Securities Commission (the Director) under Part 6 of NI 81-101 for relief from Item 4 of Form 81-101F3 Contents of Fund Facts in order to vary the prescribed disclosure under the heading “How risky is it?” and the sub-heading “Risk rating” in the fund facts document.
This letter confirms that, based on the information and representations made in the Application, and for the purposes described in the Application, the Director intends to grant the requested exemption to be evidenced by the issuance of a receipt for the Fund’s prospectus.
Yours very truly,
“Vera Nunes”_____________________________
Vera Nunes
Manager, Investment Funds & Structured Products Branch
ONTARIO SECURITIES COMMISSION