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O'Leary Hard Asset Income Fund completes initial public offering

Date Closed

October 20, 2010

Lead Office

Toronto

Value

100.00 Million CAD

On October 20, 2010, O’Leary Hard Asset Income Fund completed its initial public offering of 8,335,000 Units at a price of C$12.00 per Unit for aggregate gross proceeds of C$100 million.  The syndicate of agents was co-led by CIBC World Markets Inc. and RBC Capital Markets and included National Bank Financial Inc., Scotia Capital Inc., Macquarie Capital Wealth Inc., GMP Securities L.P., HSBC Securities (Canada) Inc., Raymond James Ltd., Wellington West Capital Markets Inc., Canaccord Genuity Corp., Dundee Securities Corporation, Mackie Research Capital Corporation, Desjardins Securities Corporation, Manulife Securities Incorporated and MGI Securities Inc.  The Fund's investment objectives are to: (i) maximize total return for holders of Units consisting of interest and dividend income and capital appreciation; and (ii) provide unitholders with monthly distributions initially targeted to be C$0.065 per Unit (C$0.78 per annum representing an annual cash distribution of 6.5% based on the C$12.00 per Unit issue price).

McCarthy Tétrault LLP represented O’Leary Hard Asset Income Fund, with a team led by Andrew Armstrong.

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