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Global Dividend Growers Income Fund completes US$35.4 million follow-on offering

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Middlefield Limited

On March 20, 2014, Global Dividend Growers Income Fund (the "Fund") completed an additional offering of 2,961,673 units (the "Units") at a price of $11.48 per Unit for gross proceeds of approximately $34 million. On March 28, 2014, the Fund completed the issuance of 125,000 additional units for total gross proceeds of approximately $1.435 million pursuant to the over-allotment option granted to the agents. In total, the Fund raised aggregate gross proceeds of approximately $35.435 million. The Fund is designed to provide holders of Units with stable monthly cash distributions and to grow distributions over time, and to enhance long-term total return through capital appreciation of the Fund’s investment portfolio, through an investment strategy which combines passive and active portfolio management and entails investing primarily in securities of global, including Canadian and U.S., issuers which have exhibited strong dividend growth. The offering was made through a syndicate of agents co-led by CIBC and RBC Capital Markets and included BMO Capital Markets, National Bank Financial Inc., Scotiabank, TD Securities Inc., GMP Securities L.P., Canaccord Genuity Corp., Raymond James Ltd., Middlefield Capital Corporation, Dundee Securities Ltd., Mackie Research Capital Corporation and Manulife Securities Incorporated. The Fund and its manager, Middlefield Limited, were advised by a team from Fasken Martineau consisting of Stephen Erlichman, John Sabetti, Daniel Fuke, Will Shaw and Dylan Chochla (Securities) and Mitchell Thaw (Tax).



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