Canadian Warrants - Canadian Shield Fund

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Canadian Shield Fund

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Address: 180 Queen St W
Toronto ON M5V 3K1
Phone: 416 922 3217
Fax: 416 922 5660
Website: https://www.mackenziefinancial.com

Warrant Symbol - MSP.WT
Number Trading - 6,387,500
Expiration Date - March 31, 2011
Cusip - 11221R 11 8
Exercise Price - $10.50

Warrants called to trade news:

The Canadian Shield Fund To Trade On Toronto Stock Exchange
December 8, 2009

The Canadian Shield Fund (the "Fund") - Further to Toronto Stock Exchange Bulletin #2009-1534, dated November 18, 2009, which describes an initial public offering of the Combined Units of the Fund, the redeemable units ("Units") and warrants ("Warrants"), comprising the Combined Units, will trade separately commencing at the opening on Thursday, December 10, 2009, at which time the Combined Units (Symbol: MSP.A) will be halted and delisted at the close of business that day.

Under the trading information set out below, (i) 19,162,500 Units will be listed, of which 12,775,000 Units will be issued and outstanding and 6,387,500 Units will be reserved for issuance; and (ii) 6,387,500 Warrants will be listed, all of which will be issued and outstanding.

Units
Stock Symbol: "MSP.UN"
CUSIP: 136614 10 4
Trading Currency: CDN $

Warrants
Stock Symbol: "MSP.WT"
CUSIP: 136614 11 2
Trading Currency: CDN $

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Temporary Market Maker: Desjardins Securities Inc.

Registrations of interests in, and transfers of, the Units will be made only through the book-entry only system of CDS Clearing and Depository Services Inc. ("CDS"). Beneficial owners of Units will not have the right to receive physical certificate evidencing their ownership. Registrations of interests in, and transfers of, the Warrants will be made only through the book-based system of CDS and may be evidenced by one or more single fully registered Global Warrants Certificates for an amount representing the aggregate number of Warrants outstanding from time to time. The Units and Warrants must be purchased and transferred, and Units surrendered for redemption, only through a CDS Participant. Upon purchase of any, Units or Warrants, the owner will receive only the customary confirmation from the CDS Participant through which such Unit and Warrant are issued. Unitholders need not take any action with respect to receiving the Units and Warrants upon the separation of the Combined Units.

Additional information on the Units and the Warrants can be found in the Fund's prospectus dated October 29, 2009, which is available at www.SEDAR.com. Capitalized terms not otherwise defined herein are as defined in the prospectus.

Warrants: Each Warrant entitles the holder to purchase one Unit at a purchase price of $10.50 per Unit until 5:00 p.m. (Toronto time) on and only on March 31, 2011 (the "Expiry Date"). Although Warrants may be tendered for exercise during the two-week period up to and including the Expiry Date, it is recommended that holders tender their Warrants for exercise no later than two business days prior to the Expiry Date. Warrants for Units not exercised by March 31, 2011 will be void and of no value.

The Warrants are governed by the terms of a Warrant Indenture dated as of November 20, 2009 between the Fund and Computershare Trust Company of Canada. The Fund will pay a fee of $0.12 per Warrant to CIBC World Markets Inc. for and on behalf of the Agents for each Warrant exercised and a fee of $0.18 per Warrant to the dealer whose client has exercised the Warrant. The Warrant Indenture provides for appropriate adjustments to the rights of holders of Warrants in the event of stock dividends, subdivisions, consolidations or other forms of capital reorganization.

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Warrant Terms

Expiration Date: The last day the warrants can be exercised. If warrants aren't going to be exercised then they must be sold the day before the expiry date. The longer the time to expiry the more valuable the warrants.

Leverage: A measure of how much you can increase your exposure to a share if you bought warrants instead of making a direct investment. It is the current share price divided by the current price of the warrant.

Intrinsic Value: The difference between the exercise price and the actual trading price of the common stock. Once the common has gone over the exercise price, the warrants are "In the Money."

Volatility: The higher the volatility rating, the higher the price of the warrant. Historical volatility is calculated by using the standard deviation of an underlying stock price over a specific period.

Time Value: The difference between the current warrant price and its intrinsic value. Interpreted as the consideration paid for the advantage the warrant buyer has over the direct investor.

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