Calgary-based Middlefield Group Ltd., on behalf of Middlefield Healthcare and Life Sciences Dividend Fund, on Friday announced it has completed the issuance of an extra 120,000 units in accordance with the over-allotment option given to the agents in the fund’s recent completed initial public offering.
In aggregate, the fund has raised gross proceeds of $103,200,000, the company announced in a statement. The fund will provide unitholders with stable monthly cash distributions and improved long-term total return via capital appreciation of the fund’s investment portfolio.
The fund’s goal is to invest in dividend-paying securities of issuers that obtain a large portion of their earnings from products or services in the health care, life sciences and related industries.
“The initial target distribution yield for the fund is 5% per annum based on the original subscription price (or 4.167¢ per unit month or 50¢ per unit per annum),” the firm adds.
Middlefield Capital Corp. will be advising the fund’s investment management. Stamford, Conn.-based SSR LLC will act as an industry advisor to Middlefield by offering ongoing analysis on the global healthcare and life sciences sector.