Central Fund of Canada Ltd. today announced that it has completed the sale of 15 million class A shares at US$5.66 (Cdn $7.05) per share to CIBC World Markets Inc.

Central Fund is an exchange tradeable refined gold and silver bullion holding company.

The offering raised total gross proceeds of US$84.9 million.

Central Fund says it has invested the net proceeds in gold and silver bullion, with the balance of the net proceeds reserved for working capital and additional bullion purchases.

The new total of issued and outstanding class A shares of the fund is 94,296,320.

The investment holdings of Central Fund are now represented by approximately 619,591 fine ounces of gold, 30,973,714 ounces of silver and U.S. $12,689,473 primarily in cash for working capital and additional bullion purchases.