On October 20, 2010, O'Leary Hard Asset Income Fund completed its initial public offering of 8,335,000 Units at a price of $12 per Unit for aggregate gross proceeds of $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 $0.065 per Unit ($0.78 per annum representing an annual cash distribution of 6.5 per cent based on the $12 per Unit issue price).
O'Leary Hard Asset Income 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 Norbert Knutel (corporate/securities) and Chris Van Loan, Edward Miller and Jesse Brodlieb (tax) of Blake, Cassels & Graydon LLP.