Syndicate agents for the initial public offering of the Horizons AlphaPro Gartman Fund have exercised the over-allotment option for an additional 265,000 Class A units of the fund, Jovian Capital Corp. said Wednesday.

In total, the fund has issued approximately 5.8 million Class A and Class F units, for gross proceeds of approximately $58 million. The Class A units are listed for trading on the Toronto Stock Exchange under the symbol HAG.UN.

The fund has been created to provide investors with the opportunity for capital appreciation through exposure to the investment strategies of The Gartman Letter, L.C. founded by Dennis Gartman who is also author and editor of the daily publication The Gartman Letter.

The fund is expected to automatically convert into an actively managed exchange traded fund by no later than March 31, 2010, subject to regulatory approval.

The fund uses equity securities, futures contracts and ETFs to provide it with long and short exposure to multiple asset classes which may include but are not limited to global equities, commodities, fixed income and currencies. The net proceeds of the offering are invested in an actively managed portfolio of investments that Gartman believes will provide the greatest opportunity for consistent capital appreciation through all market and business cycles.

IE