Dundee Wealth Management Inc. has completed its public offering of 24,516,129 subscription receipts for gross proceeds of $190 million.

Dundee Wealth says $100 million of the receipts were underwritten by a syndicate of underwriters led by GMP Securities Ltd. and National Bank Financial Inc. and including CIBC World Markets Inc., Dundee Securities Corp., RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc. The other $90 million of receipts were purchased by Dundee Bancorp Inc., the majority shareholder of Dundee Wealth, at the offering price of $7.75 per receipt.

Dundee Wealth granted the underwriters an over-allotment option to purchase up to an additional 1,290,323 receipts exercisable at the offering price for a period of 30 days following the closing date for the sole purpose of covering over-allotments, if any. Dundee Bancorp has a corresponding option to purchase at the offering price up to the same number of additional receipts as are issuable upon exercise of the underwriters’ over-allotment option.

The gross proceeds from the sale will be held in escrow pending completion of Dundee Wealth’s offer to acquire all of the outstanding common shares of Cartier Partners Financial Group Inc. and certain other assets relating to Cartier acquisition previously announced by Dundee Wealth.

The escrowed proceeds of the issuance will be released to Dundee Wealth upon Dundee Wealth taking up 66 2/3% of the outstanding Cartier shares, plus a majority of Cartier Shares other than those held by Cartier Capital Limited Partnership, certain members of management of Cartier and certain affiliated and related entities and joint actors.

The balance of the net proceeds, if any, will be used for general working capital purposes. Each receipt will be automatically exchanged for one common share of Dundee Wealth without payment of additional consideration at 17:00 ET on the date the escrowed proceeds of the offering are released to Dundee Wealth.

The escrowed proceeds will be returned to subscribers if Dundee Wealth does not take up the minimum number of Cartier shares prior to March 31, 2004, or if the Cartier acquisition is terminated at an earlier date.