O'Leary BrIC-Plus Income & Growth Fund Completes $174M IPO

On March 19, 2010, O'Leary BrIC-Plus Income & Growth Fund completed its initial public offering of 14,500,000 units at a price of $12 per unit for aggregate gross proceeds of $174 million.

The syndicate of agents was co-led by CIBC World Markets Inc. and RBC Capital Markets and included BMO Capital Markets, Scotia Capital Inc., National Bank Financial Inc., Canaccord Financial Ltd., HSBC Securities (Canada) Inc., Macquarie Capital Markets Canada Ltd., Dundee Securities Corporation, GMP Securities L.P., Raymond James Ltd., Wellington West Capital Markets Inc., Desjardins Securities Inc., Mackie Research Capital Corporation, Manulife Securities Inc., MGI Securities Inc. and Paradigm Capital Inc.

The Fund's investment objectives are to: maximize total return for holders of trust units consisting of distributions, interest and dividend income and capital appreciation; and provide unitholders with monthly distributions initially targeted to be $0.05 per trust unit ($0.60 per annum representing an annual cash distribution of 5 per cent based on the $12 per unit issue price).

O'Leary BrIC-Plus Income & Growth Fund was advised by in-house counsel Katarzyna Szybiak and assisted by Andrew Armstrong and Matthew Appleby (business law/securities) and James Morand (tax) of McCarthy Tétrault LLP.

CIBC World Markets Inc. and the syndicate of agents were advised by Jeff Glass and David Palumbo (corporate/securities) and Edward Miller and Chris Van Loan (tax) of Blake, Cassels & Graydon LLP.