Uranium Focused Energy Fund - Closing of offering of units with warrants



    TORONTO, Dec. 17 /CNW/ - Middlefield Group, on behalf of Uranium Focused
Energy Fund (the "Fund"), is pleased to announce that the Fund has completed
its follow-on offering of 540,000 Combined Units at a price of $8.35 per
Combined Unit for gross proceeds of $4,509,000. Each Combined Unit consists of
one Unit of the Fund and one transferable Unit purchase warrant. Each warrant
entitles the holder to purchase one Unit of the Fund at a subscription price
of $8.00 on or before December 15, 2009.
    Middlefield Capital Corporation (the "Advisor") acts as the investment
advisor responsible for managing the Fund's investments, including asset mix
and security selection. With approximately $4.0 billion in assets under
management, Middlefield has specialized in the uranium, oil and gas and mining
sectors for many years.
    The Fund launched the offering to capitalize on the view of the Advisor
that the uranium sector will continue to provide attractive opportunities for
investment over the next several years based upon strong fundamental factors
with respect to both supply and demand. In addition, in light of the recent
weakness in the price of uranium related equities, the Advisor believes it is
currently an opportune time to invest in the uranium sector. The Advisor
expects that primary uranium supply will continue to fall short of global
demand over the life of the Fund due predominantly to limitations in the
production capacity of existing mines. In addition, secondary uranium supplies
such as inventories, stockpiles and decommissioned nuclear weapons, which
historically have bridged the global uranium supply shortfall, are expected to
steadily decline. In light of the significant capital and time requirements
associated with the development of new uranium mines, the Advisor expects
uranium prices to remain strong over the life of the Fund, providing a
favourable environment for uranium related companies.
    The syndicate of agents was co-led by CIBC World Markets Inc. and RBC
Capital Markets, and included BMO Nesbitt Burns Inc., National Bank Financial
Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Capital Corporation,
Raymond James Ltd., Dundee Securities Corporation, HSBC Securities (Canada)
Inc., Berkshire Securities Inc., Blackmont Capital Inc., Desjardins Securities
Inc., Middlefield Capital Corporation, Research Capital Corporation,
Richardson Partners Financial Ltd. and Wellington West Capital Inc.
    Additionally, in order to better protect the interests of unitholders and
to conform with industry practices, the Manager has amended the Fund's
declaration of trust to reflect the issuance of warrants in the calculation of
net asset value ("NAV") for reporting purposes and for the purpose of
redemptions of Units.
    The Units are listed and posted for trading on the Toronto Stock Exchange
(the "TSX") under the symbol UF.UN. Additionally, the warrants issued pursuant
to this Offering are listed for trading on the TSX under the symbol UF.WT.

    These statements reflect Middlefield's current expectations, but are
subject to a number of risks and uncertainties. Due to the many risks and
uncertainties, Middlefield cannot assure that the forward-looking statements
contained in this press release will be realized.





For further information:

For further information: please visit our website at www.middlefield.com
or contact Nancy Tham, Senior Vice-President, at (416) 847-5349 or toll free
at 1-888-890-1868

Organization Profile

URANIUM FOCUSED ENERGY FUND

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