Central Fund of Canada and Sprott Asset Management Announce Expected Closing Date for Plan of Arrangement
January 15 2018 - 5:18PM
Central Fund of Canada Limited (NYSE American:CEF) (TSX:CEF.A)
(CEF.U) ("CFCL" or “Central Fund”) and Sprott Asset Management LP
(“Sprott”), announced today that the previously announced plan of
arrangement (the “Arrangement”) is expected to close and be
effective on January 16, 2018, subject to the satisfaction of
remaining customary conditions to closing.
With the closing of the Arrangement on January
16, 2018, trading of the units of the newly-established Sprott
Physical Gold and Silver Trust is expected to commence on the NYSE
Arca under the symbol “CEF” and on the Toronto Stock Exchange under
the symbol “CEF.U” on such date. Trading of the Class A Shares of
CFCL on the NYSE American and the Toronto Stock Exchange will be
suspended at the opening of market on such date.
About Central Fund
Central Fund of Canada Limited is a specialized
investment holding company, established in 1961, which invests
primarily in long-term holdings of unencumbered, allocated and
physically segregated gold and silver bullion and does not
speculate in gold and silver prices. At January 12, 2018, the Class
A shares of Central Fund were backed 99.8% by gold and silver
bullion. The Class A shares may be purchased or sold with ease on
either the NYSE American (Symbol: CEF) or the Toronto Stock
Exchange (Symbols: CEF.A in Canadian dollars and CEF.U in U.S.
dollars).
Forward Looking Statements
Certain statements and other information
included in this press release constitute “forward-looking
information” or “forward-looking statements” (collectively,
“forward-looking information”) within the meaning of applicable
Canadian and United States securities legislation. Forward-looking
information includes information that relates to, among other
things, the completion, and timing of completion, of the
Arrangement, the timing commencement of trading of Sprott Physical
Gold and Silver Trust units and the timing for the suspension of
trading of the Class A Shares of Central Fund. Forward-looking
information is not, and cannot be, a guarantee of future results or
events. Forward-looking information is based on, among other
things, opinions, assumptions, estimates and analyses that, while
considered reasonable by us at the date the forward-looking
information is provided, are inherently subject to significant
risks, uncertainties, contingencies and other factors that may
cause actual results and events to be materially different from
those expressed or implied by the forward-looking information. The
material factors or assumptions identified and applied in drawing
conclusions or making forecasts or projections set out in the
forward-looking information include, but are not limited to, that
all conditions to completion of the Arrangement will be satisfied
or waived. The risks, uncertainties, contingencies and other
factors that may cause actual results to differ materially from
those expressed or implied by the forward-looking information may
include, but are not limited to general global economic, market and
business conditions; and court, regulatory and stock exchange
requirements. Should one or more risk, uncertainty, contingency or
other factor materialize or should any factor or assumption prove
incorrect, actual results could vary materially from those
expressed or implied in the forward-looking information.
Accordingly, the reader should not place undue reliance on
forward-looking information. Neither Sprott nor CFCL assumes any
obligation to update or revise any forward-looking information
after the date of this news release or to explain any material
difference between subsequent actual events and any forward-looking
information, except as required by applicable law.
Contact:
For CFCL:
Telephone: (905) 648-7878 Email:
info@centralfund.com
For Sprott:
Glen WilliamsManaging DirectorSprottDirect:
416-943-4394gwilliams@sprott.com
or
Dan Gagnier / Patrick ReynoldsGagnier
Communications646-569-5897sprott@gagnierfc.com