Canoe EIT Income Fund completes its overnight offering
CALGARY, Alberta, June 22, 2021 (GLOBE NEWSWIRE) – Canoe EIT Income Fund (the “Fund”) (TSX: EIT.UN) (TSX: EIT.PR.A) (TSX: EIT.PR.B) is pleased to announce that it has completed the overnight placement of 7,273,000 units of the Fund (the “Units”). Total gross proceeds from the offering are expected to be approximately $ 88 million. The Units will trade on the Toronto Stock Exchange under the current symbol “EIT.UN”.
The Units were offered at a price of $ 12.10 per Unit for a yield of 9.9%.
The placement was led by National Bank Financial Inc., CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc., and also included Canaccord Genuity Corp., iA Private Wealth Inc., Hampton Securities Limited, Raymond James Ltd., Richardson Wealth Limited, Echelon Wealth Partners Inc., Wellington-Altus Private Wealth Inc., Desjardins Securities Inc., Haywood Securities Inc., Manulife Securities Incorporated and Research Capital Corporation.
The net proceeds of the Offering will be used by the Fund in accordance with its investment objectives and strategies, subject to the Fund’s investment restrictions. The Fund’s regular monthly distribution of $ 0.10 per unit to unitholders of EIT.UN remains unchanged. The Fund has maintained the monthly distribution of $ 0.10 per unit since August 2009, under varying market conditions. The annual voluntary redemption feature of the Fund for unitholders of EIT.UN remains unchanged.
A prospectus supplement to the short form base shelf prospectus of the Fund dated November 25, 2020 containing important detailed information about the offered units will be filed with securities commissions or similar authorities in all provinces and territories of Canada. Copies of the Prospectus Supplement and the Short Form Base Shelf Prospectus may be obtained from your registered financial adviser using such adviser’s contact information, or from representatives of the agents listed above. There will be no sale or acceptance of an offer to purchase the Offered Securities until the Prospectus Supplement has been filed with securities commissions or similar authorities in each of the provinces and territories. from Canada.
About the Fund
Canoe EIT Income Fund is one of the largest diversified closed-end investment funds in Canada and is listed on the Toronto Stock Exchange (TSX) under the symbol EIT.UN. The Fund is designed to maximize monthly distributions and capital appreciation by investing in a broadly diversified portfolio of high quality dividend paying securities. The Fund is listed on the Toronto Stock Exchange under the symbols EIT.UN, EIT.PR.A and EIT.PR.B, and is actively managed by Robert Taylor, Senior Vice President and Portfolio Manager, Canoe Financial.
About Canoe Financial
Canoe Financial is one of Canada’s fastest growing independent mutual fund companies, managing over $ 10 billion in assets across a diverse range of award-winning investment solutions. Founded in 2008, Canoe Financial is an employee-owned investment management firm focused on creating financial wealth for Canadians. Canoe Financial has a significant presence across Canada, including offices in Calgary, Toronto and Montreal.
Further information :
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Forward-looking statement: Certain statements contained in this press release constitute forward-looking statements that reflect Canoe Financial LP’s current expectations regarding future results or events. Words such as “may”, “will”, “should”, “could”, “anticipate”, “believe”, “expect”, “intend”, “plan”, “. been used to identify these forward-looking statements. In addition, any statement regarding performance, strategies, prospects, actions or future plans is also a forward-looking statement. Market forecasts and forward-looking statements are subject to known and unknown risks and uncertainties and to other factors which may cause actual results, performance, events, activities and achievements to differ materially from those expressed or implied. by these statements. Forward-looking statements involve significant risks and uncertainties, and a number of factors could cause actual results to differ materially from the expectations discussed in forward-looking statements, including, but not limited to, changes in conditions. general economic and market conditions and other risk factors. . . Although forward-looking statements are based on what Canoe Financial LP considers reasonable assumptions, we cannot guarantee that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. Forward-looking statements are made as of the current date and we assume no obligation to update or revise them to reflect new events or circumstances.
The Fund pays monthly distributions in an amount composed in whole or in part of a return of capital (ROC) of the net asset value per unit. ROC reduces the amount of your initial investment and may allow you to recoup the full amount of your initial investment. ROC that is not reinvested will reduce the net asset value of the Fund, which may reduce the ability of the Fund to generate future income. You should not draw any conclusions about the performance of the Fund’s investments from the amount of this distribution.
Investors will usually pay brokerage fees to their broker if they buy or sell units of the Fund on the Toronto Stock Exchange. If units are bought or sold on the Toronto Stock Exchange, investors may pay more than the current net asset value when they buy units of the Fund and may receive less than the current net asset value when they sell them. There are ongoing fees and expenses associated with owning units of an investment fund. An investment fund must prepare disclosure documents containing key information about the fund. You can find more detailed information about the Fund in these documents. Commissions, trailing commissions, management fees and expenses can all be associated with investment funds. Please read the information filed about the Fund at www.sedar.com before investing. The rates of return shown are historical and annual compound total returns, including changes in unit value and the reinvestment of all distributions, and do not take into account any sales, redemptions, distributions or optional charges or taxes. on income payable by any security holder who would have reduced Back. Investment funds are not guaranteed and past performance may not be repeated.
The Units have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities law and may not be offered or sold in the United States or to persons of the United States in the absence of registration or an applicable exemption from the registration requirement of that law and applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of such securities in any jurisdiction in which such an offer, solicitation or sale would be illegal before ” be eligible under securities laws. of such jurisdiction.