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TORONTO, Oct. 31, 2013 /CNW/ - Ridgewood Capital Asset Management Inc.
is pleased to announce that Ridgewood Canadian Investment Grade Bond
Fund (the "Fund") (RIB.UN: TSX) is undertaking a private placement of 717,100 units of
the Fund (the "Units") at a price of $12.96 per Unit, for gross proceeds of approximately
$9.3 million (the "Offering"). TD Securities Inc. (the "Agent") is acting as the Fund's agent on a best efforts basis in connection
with the Offering. The offering price of the Units is not dilutive to
existing unitholders of the Fund. Closing of the Offering is expected
to take place on or about November 5, 2013.
The net proceeds of the Offering will be used in furtherance of the
Fund's investment objectives, strategies and guidelines. The Units sold
pursuant to the Offering will be subject to resale restrictions under
applicable securities laws. The Offering is subject to the approval of
the Toronto Stock Exchange.
About Ridgewood Capital Asset Management Inc.:
Ridgewood Capital Asset Management Inc. is an independent investment
manager that manages approximately $1.1 billion in assets for a
diversified client base of high net worth individuals,
foundations/endowments, First Nation mandates and institutional
accounts, of which approximately $600 million is invested in fixed
Certain statements in this press release may be viewed as
forward-looking statements. Any statements that express or involve
discussions with respect to expectations, beliefs, plans, intentions,
projections, objectives, assumptions or future events are not
statements of historical fact and may be forward-looking statements.
These forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results or events to differ
materially from those reflected in the forward-looking statements,
including as a result of changes in the general economic or political
environment, change in applicable legislation and the performance of
the Fund. Accordingly, readers are cautioned not to place undue
reliance on such statements due to the inherent uncertainty therein.
Except as required by applicable securities laws, forward-looking
statements speak only as of the date on which they are made and neither
Ridgewood Capital Asset Management Inc. nor the Fund undertakes any
obligation to update publicly or otherwise revise any forward-looking
statement whether as a result of new information, future events or
other such factors which affect this information. Investment funds are
not covered by the Canada Deposit Insurance Corporation or by any other
government deposit insurer. There is no assurance that the Fund will be
able to achieve its distribution and capital preservation objectives or
that the full amount of a unitholder's investment in the Fund will be
SOURCE: Ridgewood Canadian Investment Grade Bond Fund
For further information:
For further information regarding the Fund, please visit the Ridgewood Capital Asset Management Inc. website at www.ridgewoodcapital.ca or contact John H. Simpson, CFA, Managing Director, at 416 479-2751.