Central Fund of Canada Limited Increases Equity Offering to U.S.$130,000,000 as Underwriter Exercises Its Right to Purchase Addi
27 Gennaio 2009 - 4:31PM
Marketwired
Central Fund of Canada Limited ("Central Fund") (TSX: CEF.A)(TSX:
CEF.U)(NYSE Alternext US: CEF) is pleased to announce that CIBC
World Markets Inc. has exercised its right to purchase an
additional 960,000 Class A Shares at a price of U.S.$10.40 per
Class A Share, for additional gross proceeds of U.S.$9,984,000 to
Central Fund. CIBC World Markets Inc. agreed earlier this morning
to purchase 11,540,000 Class A Shares for gross proceeds of
U.S.$120,016,000.
The purchase price of U.S.$10.40 per Class A Share was
non-dilutive and accretive for the existing shareholders of Central
Fund. The additional net proceeds have been committed to purchase
gold and silver bullion for settlement at closing, in keeping with
the asset allocation policies established by the Board of Directors
of Central Fund. The additional capital raised by this underwriting
is expected to assist in reducing the annual expense ratio in
favour of the shareholders of Central Fund.
Central Fund has filed a base shelf prospectus and registration
statement with the Canadian securities regulatory authorities and
the United States Securities and Exchange Commission ("SEC") for
the offering to which this communication relates. Before you
invest, you should read the base shelf prospectus and prospectus
supplements and any other documents Central Fund has filed with the
securities commissions in each of the provinces and territories of
Canada, except Quebec, and the SEC for more complete information
about Central Fund and this offering. You may obtain a copy of the
base shelf prospectus and prospectus supplements filed in the
United States from CIBC World Markets Corp., 425 Lexington Avenue,
5th Floor, New York, New York 10017, by fax at 212-667-6303 or by
e-mail at useprospectus@us.cibc.com. You may obtain a copy of the
base shelf prospectus and prospectus supplements filed in Canada
from CIBC World Markets Inc., fax 416-594-7242 or request a copy by
telephone at 416-594-7270.
Statements contained in this release that are not historical
facts are forward-looking statements that involve risks and
uncertainties. Central Fund's actual results could differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to, those risks detailed
in Central Fund's filings with the Canadian securities regulatory
authorities and the SEC.
Central Fund of Canada Limited (est. 1961) is an
exchange-tradeable, refined gold and silver bullion holding
company. Class A Shares are qualified for inclusion in many North
American regulated accounts. Central Fund's bullion holdings are
stored on an unencumbered, allocated, segregated and insured basis
in the treasury vaults of a major Canadian bank and are audited
semi-annually in the presence of Central Fund's auditors and bank
representatives. Class A Shares are quoted on the NYSE Alternext
US, symbol CEF and the TSX, symbols CEF.A (Cdn. $) and CEF.U (U.S.
$).
Contacts: Central Fund of Canada Limited J.C. Stefan Spicer
President and CEO (905) 648-7878 Email: info@centralfund.com
Website: www.centralfund.com
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