Middlefield Healthcare & Life Sciences Dividend Fund IPO Raises $102 Million

Friday, July 21, 2017 General News
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 TSX SYMBOL: LS.UN

CALGARY, July 21, 2017 /CNW/ - Middlefield Group, on behalf of Middlefield Healthcare & Life

Sciences Dividend Fund (the "Fund"), is pleased to announce that the Fund has completed its initial public offering of 10,200,000 units at a price of $10.00 per unit for gross proceeds of $102
million
. The units are listed on the Toronto Stock Exchange under the symbol LS.UN.

The Fund's investment objectives are to provide holders of units with:

(i)  stable monthly cash distributions, and

(ii) enhanced long-term total return through capital appreciation of the Fund's investment portfolio.

The Fund's investment strategy will focus primarily on investing in dividend-paying securities of issuers operating in, or that derive a significant portion of their revenue or earnings from, products or services related to the healthcare, life sciences and related industries.

The initial target distribution yield for the Fund is 5% per annum based on the original subscription price (or $0.04167 per unit per month or $0.50 per unit per annum).

Middlefield Capital Corporation, the advisor, will provide investment management advice to the Fund. SSR LLC, an investment research firm based in Stamford, Connecticut, will act as an industry advisor to Middlefield and in such capacity will provide ongoing analysis regarding the global healthcare and life sciences sector.

The syndicate of agents was co-led by CIBC and RBC Capital Markets, and includes BMO Capital Markets, Scotiabank, TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., National Bank Financial Inc., Raymond James Ltd., Manulife Securities Incorporated, Echelon Wealth Partners Inc., Mackie Research Capital Corporation and Middlefield Capital Corporation.

This offering was only made by prospectus. The prospectus contains important detailed information about the securities being offered.  Copies of the prospectus may be obtained from your IIROC registered financial advisor using the contact information for such advisor. Investors should read the prospectus before making an investment decision.

SOURCE Middlefield Healthcare & Life Sciences Dividend Fund



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