AICA – Excellence Beyond Indexing

ASA Gd & Prcs Mtl

Based on the unanimous recommendation of its Special Committee, the Board of Directors of ASA Gold and Precious Metals Limited is pleased to announce that it has approved a proposal to convert the Company from a registered closed-end investment company focused on the gold and precious-metals sector into a business development company with a yield-oriented, credit-focused strategy. As part of the BDC Conversion, the Board has also voted to redomicile the Company from Bermuda to Delaware and to make certain changes to the Company’s investment program and management structure, including selecting Saba Capital Management, L.P. (“Saba”) to serve as the BDC’s investment manager. In connection with the BDC Conversion, the Company also expects to change its U.S. federal income tax status from a “passive foreign investment company” (“PFIC”) to a “regulated investment company” (“RIC”).

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