On August 2, 2007, Middlefield Group, on behalf of OilSands Canada Corporation (the "Fund"), announced that the Fund had completed its initial public offering of Units for gross proceeds of $50 million. Each Unit consists of one equity share and one-half equity share purchase warrant. Each whole warrant is exercisable at a price of $10.25 and expires on July 31, 2010. Middlefield Capital Corporation (the "Advisor") will act as the Advisor responsible for managing the Fund's investments, including asset mix and security selection. The Fund has been created to provide long-term capital appreciation by investing in an actively managed, diversified portfolio comprised primarily of publicly-listed energy-related equity securities of issuers that operate in or have exposure to the Canadian oil sands sector. Additionally, up to 20% of the portfolio may be invested in securities of private issuers which, in the view of the Advisor, are acquisition targets or are likely to become publicly-listed in the near to mid term, thereby offering the potential for capital appreciation. The syndicate of agents was co-led by CIBC World Markets Inc. and RBC Capital Markets, and included BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Capital Corporation, Raymond James Ltd., Dundee Securities Corporation, HSBC Securities (Canada) Inc., Blackmont Capital Inc., Wellington West Capital Inc., Berkshire Securities Inc., Desjardins Securities Inc., Middlefield Capital Corporation, Research Capital Corporation and Richardson Partners Financial Ltd. Middlefield Group was advised in this transaction by Stephen Erlichman, John Sabetti, Jeffrey Klam and Catherine Fraser (corporate) and Mitchell Thaw (tax) of Fasken Martineau.