Canadian Shield Fund has completed its initial public offering of 12 million combined units at a price of $10 each for gross proceeds of $120 million, Mackenzie Financial Corp. said Friday.

The combined units are now trading on the Toronto Stock Exchange under the symbol MSP.A.

The fund has granted to the agents an option to acquire up to 1,800,000 combined units, exercisable within 30 days following the closing.

The investment objectives of the fund are to generate risk-adjusted absolute returns in Canadian dollars and to preserve the fund’s capital in all market environments. The Fund intends to achieve these objectives by investing the net proceeds of the offering in an actively managed portfolio consisting mainly of Canadian securities.

Parador Asset Management, LLC will provide investment advisory and portfolio management services to the fund. Parador’s chief investment officer is Roger Mortimer.

The offering was made through a syndicate of agents co-led by CIBC World Markets Inc. and RBC Capital Markets and including BMO Capital Markets, Scotia Capital Inc., TD Securities Inc., Canaccord Capital Corporation, HSBC Securities (Canada) Inc., Blackmont Capital Inc., Desjardins Securities Inc., Dundee Securities Corporation, GMP Securities L.P., Manulife Securities Incorporated, Raymond James Ltd. and Wellington West Capital Markets Inc. Mackenzie Investments and Parador were represented by Osler, Hoskin & Harcourt LLP. The agents were represented by Blake, Cassels & Graydon LLP.