Calgary-based Central GoldTrust, a closed-end trust that holds gold bullion for investors, said Friday it sold 2.65 million units for $180 million.

The units were sold to a syndicate of underwriters led by CIBC and, in turn, purchased by investors in Canada and the U.S.

Proceeds were used to buy gold bullion, which the trust keeps in the vault of one of Canada's largest banks.

The new total of issued and outstanding units is 19,299,000. The trust's investment holdings are represented by about 698,496 fine ounces of gold bullion, 6,156 ounces in gold certificates and $21,645,249 million in cash and short term notes.

The trust holds 98.3 percent of its net assets in unencumbered, long-term holdings of gold bullion, primarily in physical 400-troy ounce international bars with minor amounts in certificate form.

In midday trading, shares fell $1.01 to $66.01 on the American Stock Exchange.