VANCOUVER, Feb. 13, 2013 /PRNewswire/ - Silver Standard Resources Inc. (NASDAQ: SSRI, TSX: SSO) ("Silver Standard" or the "Company") announced today the closing of US$15 million aggregate principal amount of 2.875% convertible senior notes due 2033 (the "Notes") pursuant to the partial exercise of the over-allotment option granted to the initial purchasers of the Notes in connection with Silver Standard's previously announced offering of US$250 million of Notes, which closed on January 16, 2013. The initial conversion rate for the Notes is 50 common shares per US$1,000 principal amount of the Notes, equivalent to an initial conversion price of US$20.00 per common share. The Company intends to use up to approximately US$138 million of the net proceeds from the sale of the Notes to repurchase or redeem its existing convertible notes in March 2013 and the remaining net proceeds for general corporate purposes, which may include developing or advancing its property portfolio. The Notes, and the common shares into which the Notes are convertible (the "Shares"), have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or qualified by a prospectus in Canada. The Notes and the Shares may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from registration under the Securities Act. The Notes were offered only to "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act. Offers and sales in Canada were made only pursuant to exemptions from the prospectus requirements of applicable Canadian provincial securities laws. This news release is neither an offer to sell nor the solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the ProShares Ultra S&P500 where we have detected an approximate $33.0 million dollar outflow -- that's a 1.5% decrease week over week (from 17,225,000 to 16,975,000). Among the largest underlying components of SSO, in trading today 3M Co is up about 0.2%, Accenture plc is up about 0.3%, and ACE, Ltd.
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the ProShares Ultra S&P500 where we have detected an approximate $57.7 million dollar outflow -- that's a 2.4% decrease week over week (from 18,375,000 to 17,925,000). Among the largest underlying components of SSO, in trading today Accenture plc is down about 1.5%, ACE, Ltd.