SGR 0501+4516 was discovered with the Swift satellite on 2008 August 22 , after it emitted a series of very energetic bursts . Since then , the source was extensively monitored with Swift , the Rossi X-ray Timing Explorer ( RXTE ) and observed with Chandra and XMM-Newton , providing a wealth of information about its outburst behavior and burst induced changes of its persistent X-ray emission . Here we report the most accurate location of SGR 0501+4516 ( with an accuracy of 0.11 \arcsec ) derived with Chandra . Using the combined RXTE ) , Swift /X-ray Telescope , Chandra and XMM-Newton observations we construct a phase connected timing solution with the longest time baseline ( \sim 240 days ) to date for the source . We find that the pulse profile of the source is energy dependent and exhibits remarkable variations associated with the SGR 0501+4516 bursting activity . We also find significant spectral evolution ( hardening ) of the source persistent emission associated with bursts . Finally , we discuss the consequences of the SGR 0501+4516 proximity to the supernova remnant , SNR G160.9+2.6 ( HB9 ) .