New issue announced on TDW this morning... Perhaps Agoracom should set up a hub for it...

Gold Participation and Income Fund

Category: Structured Trust

Price: $12.00 CDN per unit

TDW has the Preliminary Prospectus on their website. It should also be on the fund manager's site here but I can't connect to www.mulvihill.com right now, probably technical problems.

Description from TDW new issue page:

"Each Combined Unit consists of one transferable, redeemable Unit and one transferable Warrant for one Unit. The Units of the Fund are referred to herein as the “Units”, the Warrants of the Fund are referred to herein as the “Warrants” and the offering of the Combined Units is referred to herein as the “Offering”. Each Warrant for one Unit entitles the holder to purchase one Unit at a subscription price of $12.00 on the business day that is one year following the closing of the Offering (the “Exercise Date”). Warrants may be tendered for exercise during the two-week period up to and including the Exercise Date. Warrants for Units not exercised by the Exercise Date will be void and of no value.

The Fund will invest 100% of its net assets in the gold sector – initially 50% in Shares of SPDR Gold Trust and 50% in the Managed Gold Portfolio, which will consist of equity securities in the S&P/TSX Global Gold Index.

To generate additional returns above the distributions earned on its equity securities, the Fund will from time to time write covered call options in respect of some or all of the securities in its portfolio and, based on the current distribution policies of securities in the Managed Gold Portfolio and current volatility levels, expects to write covered call options on approximately 25% of the securities in its portfolio.

As a result of its holdings of U.S.-dollar denominated securities, the Fund will be exposed to changes in the value of the U.S. dollar against the Canadian dollar. The Fund will hedge substantially all of the Fund’s foreign currency exposure back to the Canadian dollar.

Commencing in 2011, Unitholders whose Units are surrendered for redemption at least twenty business days prior to the last day in January of 2011 or any year thereafter will be entitled to receive a redemption price per Unit equal to the NAV per Unit determined as of such date. For Unitholders whose Units are surrendered for redemption at least ten business days prior to the last day of any other month the redemption price per Unit will be determined by reference to market price. Units surrendered for redemption by a Unitholder on a Redemption Date will be redeemed on such Redemption Date and the Unitholder will receive payment on or before the fifteenth day following such Redemption Date.

The Fund intends to pay monthly cash distributions on the last day of
each month."

List of dealers from the prospectus:

"RBC Dominion Securities Inc., CIBC World Markets Inc., Scotia
Capital Inc., National Bank Financial Inc., TD Securities Inc.,
Blackmont Capital Inc., Canaccord Capital Corporation, Desjardins
Securities Inc., Dundee Securities Corporation, GMP Securities L.P.,
HSBC Securities (Canada) Inc., Raymond James Ltd., Manulife
Securities Incorporated, Richardson Partners Financial Limited and
Wellington West Capital Markets Inc."