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VANCOUVER, Dec. 30, 2014 /CNW/ - REALnorth Opportunities Fund ("REALnorth") announced today the successful completion of the first closing under its initial public offering (the "Offering"), of 10,623 trust units (each, a "Unit"), priced at $1,000 per Unit, for total gross proceeds of approximately $10.6 million.
Due to the proximity of the year-end, the Offering will have multiple closings, with an additional closing expected in early 2015. The maximum total Offering is 30,000 Units ($30 million).
The Offering is on a best efforts basis by a syndicate of agents co-led by Dundee Securities Ltd. and Scotia Capital Inc. and including BMO Nesbitt Burns Inc., Canaccord Genuity Corp., GMP Securities L.P., National Bank Financial Inc., Burgeonvest Bick Securities Ltd., Raymond James Ltd. and Integral Wealth Securities Limited.
The proceeds from the first closing will be used to purchase units in the REALnorth Opportunities Master Limited Partnership (the "Master Partnership"). The Master Partnership will use such funds, net of certain expenses of the Offering, for indirect investments in suitable investment and development properties in Western Canada's north. For a further summary of the intended use of proceeds, please refer to the final prospectus of REALnorth dated December 22, 2014 (the "Prospectus"), a copy of which is available on SEDAR at www.sedar.com.
These securities have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States of America without registration or an applicable exemption from the registration requirements of that Act. This news release does not constitute an offer for sale of these securities in the United States of America.
About REALnorth Opportunities Fund
REALnorth exclusively focuses on Western Canada's north, a region bolstered by rich resources and large projects, to invest, on an opportunistic basis, in revenue producing real estate assets and development properties which management believes provide attractive return potential. These properties may include industrial and commercial as well as multi-family and other residential real estate opportunities.
Additional information relating to REALnorth, including the Prospectus and other public filings, is available on SEDAR at www.sedar.com.
This news release contains forward-looking information within the meaning of applicable securities legislation, which reflects REALnorth's current expectations regarding future events. Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would" and similar terms and phrases. In particular, forward-looking statements in this news release include, but are not limited to, statements regarding: the intention to have multiple closings of the Offering and the timing of each such closing; and the intended use of proceeds from the Offering. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond REALnorth's control, that could cause actual results and events to differ materially from those that are disclosed in, or implied by, such forward-looking information. Such assumptions include, but are not limited to, a reasonably stable North American economy and real property market. Such risks and uncertainties include, but are not limited to, failure to complete any additional closing of the initial public offering of Units and related transactions, and the factors discussed under "Risk Factors" in the Prospectus. The forward-looking information contained herein is made as of the date of this news release and, except as expressly required by applicable law, REALnorth assumes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
SOURCE: REALnorth Opportunities Fund
For further information: Stephen J. Evans (Chair), REALnorth Opportunities Fund, Suite 910 - 925 West Georgia Street, Vancouver, BC V6C 3L2, Tel: (604) 681-5959