Uranium Focused Energy Fund - Initial public offering - IPO closes at $195 million



    TORONTO, March 20 /CNW/ - Middlefield Group, on behalf of Uranium Focused
Energy Fund (the "Fund"), is pleased to announce that the Fund has completed
its initial public offering of 19,500,000 units at a price of $10.00 per unit
for gross proceeds of $195,000,000.
    The Fund will be advised by Middlefield Capital Corporation (the
"Advisor"), a specialty investment manager with over $4.0 billion in assets
under management. Since its inception in 1979, Middlefield has established a
strong reputation as a creator and manager of unique investment products
designed to balance risk and return to meet the demanding requirements of
investment advisors and their clients. Middlefield has developed particular
expertise in the oil and gas, mining and uranium sectors.
    The Fund has been designed 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. 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, while 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, which will terminate on December 31, 2013.
    The Fund's investment objectives are to achieve capital appreciation of
the Portfolio and to pay quarterly distributions to unitholders. The initial
indicative yield is 5% per annum based upon the original issue price of $10.00
per unit. In order to achieve the Fund's investment objectives, the Portfolio
will be focused on the securities of issuers that operate in or have exposure
to the uranium sector, supplemented with the securities of other energy
related issuers that operate in or have exposure to the energy sector. The
Advisor expects that the weighting in uranium related securities will comprise
approximately 75% of the value of the initial Portfolio and will include such
companies as Cameco Corporation, Paladin Resources Ltd., Denison Mines Corp.
and sxr Uranium One Inc.
    Global Fuel Solutions, an independent uranium industry consultant based
in Los Altos, California, has been engaged to provide analysis and opinion
regarding uranium market supply-demand fundamentals and associated pricing
implications. Mr. Clark M. Beyer, Global Fuel's principal, has over 20 years
experience in trading, marketing and consulting in the international markets
for uranium and nuclear fuel. Mr. Beyer will be the individual primarily
involved in providing services on behalf of Global Fuel.
    The syndicate of agents was co-led by CIBC World Markets Inc. and RBC
Capital Markets, and included Scotia Capital Inc., BMO Nesbitt Burns Inc.,
National Bank Financial Inc., TD Securities Inc., Blackmont Capital Inc.,
Canaccord Capital Corporation, Dundee Securities Corporation, HSBC Securities
(Canada) Inc., Raymond James Ltd., Wellington West Capital Inc., Desjardins
Securities Inc., Berkshire Securities Inc., Middlefield Capital Corporation
and Research Capital Corporation.

    The Fund trades on the Toronto Stock Exchange under the symbol UF.UN.





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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