/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Jan. 15 /CNW/ - T. Boone Pickens Energy Fund (the "Fund") is pleased to announce that it has completed its initial public offering of Class A Combined Units, Class F Combined Units and Class U Combined Units and a private placement of Class I Combined Units. The Fund raised gross proceeds of over $27.6 million under its offerings.
Each Combined Unit of a class consists of one transferable, redeemable Unit of the class and one transferable Warrant for one Unit of the class. The Class A Combined Units are listed on the Toronto Stock Exchange under the symbol TBP.A. The Units and Warrants making up the Combined Units will separate immediately following the earlier of the closing of the final exercise of the over-allotment option granted by the Fund to its agents or 30 days after the closing of the initial public offering. Following such separation, the Class A Units and the Class A Warrants will trade on the Toronto Stock Exchange under the symbols TBP.UN and TBP.WT, respectively.
Each Warrant of a class entitles its holder to purchase one Unit of the class at a subscription price of $10.00 (or US$10.00 in the case of a Class U Warrant or a Class I Warrant) on April 29, 2011. Warrants may be tendered for exercise on and after April 18, 2011 and up to April 29, 2011 (being the two-week period up to and including the expiry date for the Warrants). Warrants not exercised by April 29, 2011 will be void and of no value.
The Fund has been created to provide investors with the opportunity for long-term capital growth by providing access to the energy-related investment strategies of TBP Investments Management LLC (the "Portfolio Manager"). The Portfolio Manager and its management team are led by Mr. T. Boone Pickens. The Fund will seek to achieve its investment objective by investing the net proceeds of the offerings in an actively-managed portfolio consisting primarily of equity and commodity-related investments within the energy and energy-related sectors.
The public offering was made through a syndicate of investment dealers led by BMO Capital Markets and including CIBC, RBC Capital Markets, TD Securities Inc., Blackmont Capital Inc., Canaccord Financial Ltd., Desjardins Securities Inc., Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., GMP Securities L.P., Manulife Securities Incorporated, Wellington West Capital Markets Inc. and Research Capital Corporation.
For further information, please visit the Fund's website at www.bmocm.com/bmosp under "Closed-End Funds".
About BMO Capital Markets
BMO Capital Markets is a leading full-service North American financial services provider, with over 2,400 employees operating in 14 North American offices and 27 worldwide, offering corporate, institutional and government clients access to a complete range of investment and corporate banking products and services. BMO Capital Markets is a member of BMO Financial Group (NYSE, TSX: BMO), one of the largest diversified financial services providers in North America with US$385 billion in total assets and 37,000 employees as at July 31, 2009.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities of the Fund have not been registered under the U.S. Securities Act of 1933 (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States or to a U.S. person absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.
SOURCE T. Boone Pickens Energy Fund
For further information: For further information: BMO Capital Markets: Kim Hanson, (416) 867-3996, email@example.com