Independent investment manager Ridgewood Capital Asset Management announced that Ridgewood Canadian Investment Grade Bond Fund is selling its units in a private placement.
The private placement will involve 376,956 units of the fund that will be sold at a price of $14.06 per unit, with gross proceeds expected to reach around $5.3 million.
The group noted that the closing of the offering is set to take place on or before the second day of November.
Ridgewood said the net proceeds of the unit sale will be used to boost the fund's investment objectives, strategies, and guidelines.
The fund recently undertook another private placement, selling around 1.3 million units at a price of $14.05 per unit. It amassed roughly $18.65 million in the unit sale. This private placement concluded on 31 August 2017.
The investment manager oversees approximately $1.2 billion in assets for a diversified client base composed of high net worth individuals and foundations.
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