SYS-CON MEDIA Authors: Lori MacVittie, RealWire News Distribution, Cynthia Dunlop, Mark O'Neill, Kevin Benedict

News Feed Item

Cornerstone Strategic Value Fund, Inc. Announces Completion of Rights Offering

NEW YORK, NY -- (Marketwired) -- 12/02/13 -- Cornerstone Strategic Value Fund, Inc. (the "Fund") (NYSE MKT: CLM) is pleased to announce the completion of its one-for-three rights offering which expired Friday, November 29, 2013 (the "Offering"). The offering was over-subscribed. Under the terms of the Offering, record date stockholders were entitled to purchase one newly-issued share of common stock of the Fund for every three rights held. The subscription price for each newly-issued share was determined to be $5.92 which, under the terms of the prospectus, was equal to the greater of (i) 107% of net asset value per share as calculated at the close of trading on the date of expiration of the Offering and (ii) 90% of the market price per share at such time.

Based on preliminary results provided by the Fund's subscription agent, the Fund received requests for approximately $90.3 million of its shares.

The subscription price is lower than the original estimated subscription price of $6.46. Under the prospectus, any excess payment received from a stockholder will, unless otherwise indicated on the subscription certificate received from such stockholder, be applied towards the purchase of unsubscribed shares. It is anticipated that shares will be issued on or about Friday, December 6, 2013. Stockholders are encouraged to contact their broker regarding the specifics of their account. Newly-issued shares will be entitled to the Fund's distribution to stockholders for the month of December.

Cornerstone Strategic Value Fund, Inc. is a closed-end, diversified management investment company and is registered with the Securities & Exchange Commission under the Investment Company Act of 1940, as amended.

Cornerstone Strategic Value Fund, Inc. is traded on the NYSE MKT LLC under the trading symbol "CLM". Cornerstone Advisors, Inc., the Fund's Advisor, also serves as investment adviser to two other closed-end funds, Cornerstone Progressive Return Fund (NYSE MKT: CFP) and Cornerstone Total Return Fund, Inc. (NYSE MKT: CRF). For more information regarding each Fund please visit www.cornerstonestrategicvaluefund.com, www.cornerstonetotalreturnfund.com and www.cornerstoneprogressivereturnfund.com.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.