Star Hedge Managers Corp. announces successful closing of $75,000,000 million initial public offering

    TORONTO, Sept. 29 /CNW/ - Star Hedge Managers Corp. (the "Fund") is
pleased to announce that the Fund has successfully closed its initial public
offering of 7,500,000 Units at a price of $10.00 per Unit for gross proceeds
of $75,000,000.
    The Fund has been created to provide long-term capital growth by
investing in a portfolio consisting of private investment funds or portfolios
managed by three of Canada's leading portfolio managers: Rohit Sehgal of
Dynamic Funds, Eric Sprott of Sprott Asset Management Inc. and Normand
Lamarche of Front Street Investment Management Inc.
    Each Unit consists of one Class A Share of the Fund and one warrant to
purchase one Class A Share. Each Warrant entitles the holder to purchase one
Class A Share at a subscription price of $10.35 on October 30, 2009. Warrants
may be tendered for exercise on and after October 15, 2009 and up to October
29, 2009.
    The Class A Shares and Warrants, comprising the Unit, will separate
immediately following the earlier of 30 days after the closing of the offering
and the closing of the final exercise of the Over-Allotment Option, which is
exercisable at the option of the Agents until 30 days after the closing of the
offering to purchase up to 15% of the aggregate number of Units issued at the
closing of the offering on the same terms.
    The Units are listed on the Toronto Stock Exchange under the symbol
XHM.UN and the Class A Shares and the Warrants will (on the separation) be
listed on the Toronto Stock Exchange under the symbols XHM.A and XHM.WT,
    BMO Nesbitt Burns Inc. is the promoter and one of the Agents in
connection with the offering and will act as administrator of the Fund.
    The Units were offered for sale by a syndicate of agents led by BMO
Capital Markets that includes Dundee Securities Corporation, CIBC World
Markets Inc., National Bank Financial Inc., RBC Capital Markets, Scotia
Capital Inc., TD Securities Inc., Canaccord Capital Corporation, HSBC
Securities (Canada) Inc., Raymond James Ltd., Richardson Partners Financial
Limited, Manulife Securities Incorporated, Blackmont Capital Inc., GMP
Securities L.P., Desjardins Securities Inc. and Wellington West Capital Inc.

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