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¶ … Gold-Trust of Ontario was launched in 2003 is a closed-end trust. It holds 98% of its net assets in long-term gold bullion and doesn't engage in short-term speculation of gold prices. In 2008 the company announced that it has chosen CIBC World Markets Inc. As the underwriter with an agreement that CIBC will sell and buy its shares to the public both in Canada and the United States.
Recently in June 2010, the company announced that it has completed the sale of additional 5,730,000 Units of Central GoldTrust at a price of U.S. $48.90 per Unit which resulted in gross proceeds of U.S. $280,197,000. The process of sale and purchase of units to the underwriter started in 2008. In that year, CIBC World Markets Inc. had agreed to engage in the sale and purchase of 275,000 units of Gold Trust at per unit price of U.S. $36.65. It generated gross proceeds of U.S. $10,078,750 which were used for purchase of gold bullion that helped in closing the offering to meet the requirements of asset allocation provisions outlined in Central Gold-Trust's Declaration of Trust and the related policies established by its Board of Trustees. Additional capital generated by the deal was used to decrease the annual expense ratio.
In 2010, the company announced that it was primarily selling to the investors in Canada and in the United States under the Multijurisdictional Disclosure System through its underwriter CIBC. The issue price this time is U.S. $48.90 per Unit and it is non-dilutive and accretive for the existing share holders of Central GoldTrust. Just like 2008 when the proceeds were used for the purchase of gold bullion, in 2010, the same plan was maintained and the company used its net proceed for investment in gold bullion. Similarly the additional capital will be used to reduce the annual expense ratio. With this sale, the new total of units issued and outstanding has come to 16,648,000.
Central Gold-trust now has investment holdings of approximately 604,676 fine ounces of gold bullion, 6,156 ounces in gold certificates and nearly U.S. $16,980,360 in cash and short-term notes.
http://www.gold-trust.com/Press%20Releases/2010%20Press%20Releases/CGT%20Press%20Release%20-%20Closing%20-%20june%2023%202010.pdf
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