First Asset/BlackRock North American Dividend Achievers Trust announced today that it is issuing rights to subscribe for units of the fund to unitholders of record at the close of business on October 30.

Each unitholder is entitled to one right for each unit held on October 30. Four rights will entitle the holder to purchase one unit at a price of $9 per unit.

The rights may be exercised prior to 16:00 ET on November 22. The subscription price of $9 per unit is approximately 93.85% of the closing price of a unit on the Toronto Stock Exchange on October 18.

If all the rights are exercised, the fund will issue approximately 1,305,741 Units and receive net proceeds of approximately $11,351,669. The net proceeds received from the subscriptions for units under the rights offering will be used to capitalize on certain attractive investment opportunities that the fund’s portfolio manager foresees arising over the next few months.

National Bank Financial Inc. will act as dealer manager to form a soliciting dealer group to solicit subscriptions of the rights.