Horizons AlphaPro Gartman Fund has closed its initial public offering of 4.85 million Class A units and approximately 0.65 million Class F units of the fund for gross proceeds of more than $55 million, AlphaPro Management Inc. said Thursday.

The Class A units are listed for trading on the Toronto Stock Exchange under the symbol HAG.UN.

The und 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 ETF by no later than March 31, 2010.

The fund will use equity securities, futures contracts and exchange-traded funds (ETFs) to provide the fund 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 will be 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.

AlphaPro is the manager and trustee of the fund and its affiliate JovInvestment Management Inc. is the investment manager of the fund, responsible for implementing the fund’s investment strategies and engaging the services of Gartman to act as sub-advisor to the fund.

The syndicate of agents for the offering was led by CIBC World Markets Inc. and BMO Capital Markets and included National Bank Financial Inc., Scotia Capital Inc., HSBC Securities (Canada) Inc., Dundee Securities Corp., Canaccord Capital Corp., Blackmont Capital Inc., MGI Securities Inc., Raymond James Ltd., Wellington West Capital Markets Inc., Desjardins Securities Inc. and GMP Securities L.P.

IE