Central Fund Announces Proposed Offering
February 26 2008 - 4:03PM
Marketwired
TORONTO, ONTARIO (TSX: CEF.A)(TSX: CEF.U)(AMEX: CEF) of Calgary,
Alberta announced today that it plans to offer Class A Shares to
the public in Canada and the United States under its existing
US$250,000,000 base shelf prospectus filed with the securities
commissions in each of the provinces and territories of Canada,
except Quebec, and under the multijurisdictional disclosure system
in the United States pursuant to a proposed underwritten offering
by CIBC World Markets Inc. CFOC will only proceed with the offering
if it is non-dilutive to the net asset value of the Class A Shares
owned by existing shareholders of CFOC.
A remainder of approximately US$57,000,000 of the original
US$250,000,000 provided for in the Base Shelf Prospectus is
available for this offering.
Substantially all of the net proceeds of the offering will be
used to purchase gold and silver bullion, in keeping with the
investment policies established by the board of directors of CFOC.
Any additional capital raised by any such offering is expected to
reduce the operating expense ratio in favour of the shareholders of
CFOC.
CFOC has filed a base shelf prospectus and registration
statement with the Canadian securities regulatory authorities and
the United States Securities and Exchange Commission ("SEC") which
will serve as the base for the offering to which this communication
relates. Before you invest, you should read the base shelf
prospectus including any prospectus supplement and any other
documents the Company 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 the Company and this
offering. You may obtain a copy of the base shelf prospectus filed
in the United States from CIBC World Markets Corp., 300 Madison
Avenue, New York, New York 10017 or request a copy by telephone at
212-667-7014. You may obtain a copy of the base shelf prospectus in
Canada from CIBC World Markets Inc., fax 416-594-7242 or request a
copy by telephone at 416-594-7270. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of these securities in any state in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state.
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. 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 AMEX, symbol CEF and the TSX, symbol 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
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