New Issue: BMO sells $650,000 6.31% reverse exchangeable notes on Gold Miners ETF

By Devika Patel

Knoxville, Tenn., April 6 – Bank of Montreal priced $650,000 of 6.31% annualized reverse exchangeable notes due Oct. 7, 2016 linked to the Market Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless the fund closes below the trigger level, 65% of the initial share price, during the life of the notes and finishes below the initial share price, in which case the payout will be a number of fund shares equal to $1,000 divided by the initial share price or, at the issuer's option, the cash equivalent.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Reverse exchangeable notes
Underlying fund:	Market Vectors Gold Miners ETF
Amount:	$650,000
Maturity:	Oct. 7, 2016
Coupon:	6.31% annualized, payable monthly
Price:	Par
Payout at maturity:	If fund shares close below trigger price during life of notes and finish below initial share price, number of fund shares equal to $1,000 divided by the initial share price or, at issuer’s option, cash equivalent; otherwise, par
Initial share price:	$19.53
Trigger price:	$12.69, 65% of initial price
Pricing date:	April 4
Settlement date:	April 7
Agent:	BMO Capital Markets Corp.
Fees:	2%
Cusip:	06367TDK3

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