CALGARY, ALBERTA--(Marketwire - Nov. 21, 2007) - CGF Funds Management Ltd. (administrator of Citadel Premium Income Fund) (TSX:CPF.UN) is pleased to announce the closing of the rights offering for Citadel Premium Income Fund ("Trust"). Each unitholder of record on October 23, 2007 received one right for each trust unit held. Four rights entitled the unitholder to purchase one trust unit for a price of $9.50 until 4:00pm local time on November 20, 2007.
The rights offering resulted in the issuance of 9,468,337 trust units for gross proceeds of $89.9 million. The reason for the offering is to provide the Trust with additional capital that can be used to capitalize on certain attractive investment opportunities that the Trust's Investment Manager has identified and foresees arising over the next few months. By raising additional cash through this offering, the Investment Manager will be able to continue pursuing investment opportunities that it considers attractive, while allowing the Trust to become less leveraged in the short term.
FOR FURTHER INFORMATION PLEASE CONTACT:
Citadel Premium Income Fund
Executive Vice President, Sales and Marketing