TORONTO, Jan. 8 /CNW/ - Ridgewood Capital Asset Management Inc. ("Ridgewood") (RIB:TSX) is pleased to announce that the syndicate of agents for the initial public offering of Ridgewood Canadian Investment Grade Bond Fund (the "Fund") have exercised the over-allotment option for an additional 167,000 units of the Fund. In total, the Fund has issued approximately 4,367,000 million units, for gross proceeds of approximately $52,404,000. The units are listed for trading on the Toronto Stock Exchange under the symbol RIB.UN.
The Fund will seek to achieve the following investment objectives: (i) to provide unitholders with monthly cash distributions, initially targeted to be 5.25% per annum on the original issue price of $12.00 per unit; and (ii) to maximize total returns for unitholders while preserving capital in the long term.
The syndicate of agents for the offering was led by TD Securities Inc., CIBC World Markets Inc. and RBC Capital Markets and includes BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., GMP Securities L.P., HSBC Securities (Canada) Inc., Raymond James Ltd., Wellington West Capital Markets Inc., Blackmont Capital Inc., Canaccord Financial Ltd., Desjardins Securities Inc., Dundee Securities Corporation and Manulife Securities Incorporated.
About Ridgewood Capital Asset Management Inc.:
Ridgewood is an independent investment manager that manages or subadvises approximately $1 billion in assets for a diversified client base of high net worth individuals, foundations/endowments, First Nation mandates, institutional accounts and wrap programs, of which $400 million is invested in fixed income assets.
A copy of the Fund's final prospectus is available on Ridgewood's website www.ridgewoodcapital.ca
SOURCE Ridgewood Capital Asset Management Inc.
For further information: For further information: John H. Simpson, CFA, Managing Director, Ridgewood Capital Asset Management Inc. at (416) 479-2751