Ridgewood Canadian Investment Grade Bond Fund Closes Public Offering

TORONTO, June 17 /CNW/ - Ridgewood Capital Asset Management Inc. is pleased to announce the closing of the previously announced public offering of units of Ridgewood Canadian Investment Grade Bond Fund (the "Fund"). The offering consists of 520,000 units at $12.50 per unit for gross proceeds of $6.5 million. The units are listed on the Toronto Stock Exchange under the symbol RIB.UN. The Fund has granted the agents an over-allotment option to acquire additional units exercisable at any time during the next thirty days.

The Fund seeks to achieve the following investment objectives: (i) to provide unitholders with monthly cash distributions, initially targeted to be 5.25% per annum on the original issue price of $12.00 per unit; and (ii) to maximize total returns for unitholders while preserving capital in the long term.

The syndicate of agents for the offering is being led by TD Securities Inc. and RBC Dominion Securities Inc. and includes CIBC World Markets Inc., BMO Nesbitt Burns Inc., GMP Securities L.P., National Bank Financial Inc., Scotia Capital Inc., HSBC Securities (Canada) Inc., Raymond James Ltd., Canaccord Genuity Corp., Dundee Securities Corporation, Macquarie Capital Markets Canada Ltd., Manulife Securities Incorporated and Wellington West Capital Markets Inc.

About Ridgewood Capital Asset Management Inc.:

Ridgewood is an independent investment manager that manages or subadvises approximately $1 billion in assets for a diversified client base of high net worth individuals, foundations/endowments, First Nation mandates, institutional accounts and wrap programs, of which $500 million is invested in fixed income assets.

For further information: John H. Simpson, CFA, Managing Director, Ridgewood Capital Asset Management Inc. at [phone]