Central Fund Announces Proposed Offering
July 14 2008 - 4:02PM
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$750,000,000 base shelf prospectus dated March 31, 2008 and 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.
The amount of US$750,000,000 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
policies established by the board of directors of CFOC. Any
additional capital raised by any such offering is expected to
reduce the annual 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 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.
Statements contained in this release that are not historical
facts are forward-looking statements that involve risks and
uncertainties. CFOC'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 the Company'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. 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
Website: www.centralfund.com
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