TORONTO, Oct. 29 /CNW/ - Uranium Focused Energy Fund ("URANIUM" or the "Fund") is pleased to announce that it has closed the offering of Rights to its unitholders raising gross proceeds of $25,416,513 (8,472,171 Units), being the maximum permitted under the offering. Each unitholder was given one Right for each Unit held on September 29, 2009. Two Rights entitled the holder to purchase one URANIUM Unit at a price of $3.00 until 4:00 p.m. (Toronto time) on October 23, 2009. The Rights Offering was significantly oversubscribed.
The directors and officers of the Manager exercised all their Rights to acquire Units under the Basic Subscription Privilege. The net proceeds of the Rights Offering will be invested by the Fund in accordance with its investment objectives.
Uranium Focused Energy Fund is a TSX-listed fund focused predominantly on the securities of issuers that operate in or have exposure to the uranium sector, supplemented with securities of other energy related issuers. The Fund has been designed to capitalize on the view of the Advisor, Middlefield Capital Corporation, that the uranium sector will continue to provide attractive opportunities for investment over the next several years. The strong fundamentals underlying the uranium industry include rising demand for nuclear power on the back of concerns over carbon emissions from coal-based power generation as well as the high cost of alternative fuels.
The Fund Units trade on the Toronto Stock Exchange under the symbol UF.UN.
Certain statements in this press release may constitute forward-looking information, including statements regarding use of proceeds. Forward-looking statements are subject to various risks and uncertainties that could cause estimates to differ materially from the expectations expressed, which could occur for various reasons beyond the control of the Fund such as a change in general economic conditions. The forward-looking information contained in this press release constitutes the Fund's current estimate, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents the Fund's estimate as of any date other than the date of this press release.
SOURCE URANIUM FOCUSED ENERGY FUND
For further information: For further information: or to obtain a copy of the prospectus, 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