Central Gold-Trust Completes IPO

Ancaster, Ontario-based Central Gold-Trust completed an initial public offering on July 8, 2003, with the agents’ over-allotment option exercised in full on July 17, for total gross proceeds of $46 million. The purpose of the trust is to invest and hold substantially all of its assets in unencumbered physical gold bullion, in 400-troy-ounce form. The offering was managed by a syndicate of agents co-led by CIBC World Markets Inc. and RBC Capital Markets Inc., and included National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Pollitt & Co. Inc., Canaccord Capital Corporation, Desjardins Securities Inc., Dundee Securities Corporation, First Associates Investments Inc., Haywood Securities Inc., HSBC Securities (Canada) Inc., Raymond James Ltd. and Sprott Securities Inc.

The trust was represented in Canada, by Fraser Milner Casgrain LLP with a team that included John Elder, Jules Lewy, Will Fung, Sander Grieve and Bradley Kruger; and in the U.S., by Gil Cornblum of Dorsey & Whitney LLP in Toronto. The agents were represented by Cassels Brock & Blackwell LLP, with a team that included Norman Findlay, Tom Koutoulakis and Chris Norton.