Horizons Gold Yield Fund Announces Closing of New Offering

TORONTO, April 1 /CNW/ - AlphaPro Management Inc. ("AlphaPro"), manager of the Horizons AlphaPro exchange-traded funds, is pleased to announce the closing of its previously announced offering (the "Offering") of an additional 862,597 Class A Units and 138,350 Class F Units (collectively, the "Units") of the Horizons Gold Yield Fund (the "Fund") representing gross proceeds of approximately $9.92 million. The Offering was made through a short form prospectus of the Fund dated March 25, 2011, which qualified the distribution of the additional Units at a price of $9.90 per Class A Unit and $10.00 per Class F Unit.  Since its launch in December 2010, the Fund has issued a total of approximately 6.27 million Units, for gross proceeds of approximately of $62.5 million. The Class A Units of the Fund are listed for trading on the Toronto Stock Exchange ("TSX") under the symbol HGY.UN

The Fund's investment objectives are to provide holders of Units with: (i) exposure to the price of gold bullion hedged to the Canadian dollar, less the Fund's fees and expenses; and (ii) tax-efficient monthly distributions. AlphaPro has set the targeted monthly distribution rate for the second quarter of 2011 at $0.0542 per Unit ($0.65 per annum to yield 6.56% per annum on the issue price of $9.90 per Class A Unit and 6.5% per annum on the issue price of $10.00 per Class F Unit). It is expected that monthly distributions received by investors will consist primarily of return of capital.

The Offering was conducted by a syndicate of agents co-led by BMO Capital Markets, CIBC and National Bank Financial Inc. and included RBC Capital Markets, TD Securities Inc., Scotia Capital Inc., GMP Securities L.P., HSBC Securities (Canada) Inc., Canaccord Genuity Corp., Macquarie Private Wealth Inc., Raymond James Ltd., Desjardins Securities Inc., Dundee Securities Ltd., Mackie Research Capital Corporation, MGI Securities Inc. and Union Securities Ltd.

About AlphaPro Management Inc. (www.HAPETFs.com)
AlphaPro is an innovative financial services company specializing in actively managed exchange traded funds with assets under management of more than $600 million as of March 31, 2011. AlphaPro is a subsidiary of BetaPro Management Inc. ("BetaPro"). BetaPro manages the Horizons BetaPro family of exchange traded funds, a broadly diversified range of investment tools with solutions for investors of all experience levels to meet their investment objectives in a variety of market conditions. The Horizons BetaPro ETFs include several types of structures: single, inverse, leveraged, inverse leveraged and spread ETFs. BetaPro manages approximately $2.3 billion in assets as of March 31, 2011. BetaPro is a subsidiary of Jovian Capital Corporation (JOV:TSX).

SOURCE AlphaPro Management Inc.

For further information:

Ken McCord, President, AlphaPro Management Inc., (416) 933-5746

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AlphaPro Management Inc.

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Horizons AlphaPro ETFs

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