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Middlefield Income Plus II completes IPO for US$61.2 million

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Middlefield Limited

On March 20, 2012, Middlefield Income Plus II Corp. ("Income Plus II" or the "Fund") completed its initial public offering of 5,000,000 equity shares (the "Shares") at a price of $12.00 per Share for gross proceeds of $60 million. On April 11, 2012, pursuant to the over-allotment option granted to the agents, the Fund completed the issuance of additional Shares for gross proceeds of $1,200,000. In total, the Fund raised aggregate gross proceeds of $61,200,000. The Fund is designed to offer shareholders with stable monthly cash distributions, initially targeted to be 6.0% per annum based on the original subscription price of $12.00 per Share, and the opportunity for capital appreciation while emphasizing capital preservation. The offering was made through a syndicate of agents co-led by CIBC World Markets Inc. and RBC Dominion Securities Inc. and included BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., Macquarie Private Wealth Inc., Raymond James Ltd., Middlefield Capital Corporation, Dundee Securities Ltd. and Mackie Research Capital Corporation. The Fund and its manager, Middlefield Limited, were advised by a team from Fasken Martineau including, Stephen Erlichman, John Sabetti, Daniel Fuke, Will Shaw and Mitchel Thaw.

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