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Bank of Montreal plans 8.75% reverse exchangeables on Seabridge Gold
By Jennifer Chiou
New York, March 1 - Bank of Montreal plans to price 8.75% annualized reverse exchangeable notes due June 30, 2011 linked to Seabridge Gold, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Seabridge Gold stock closes below the trigger price - 80% of the initial share price - during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of shares of Seabridge Gold stock equal to $1,000 divided by the initial share price or, at the issuer's option, a cash amount equal to the value of those shares.
The notes (Cusip: 06366QDW4) are expected to price on March 28 and settle on March 31.
BMO Capital Markets Corp. is the agent.
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