Canoe Financial Renews At-The-Market Equity Program for Canoe EIT Income Fund
November 30 2020 - 11:53AM
Canoe EIT Income Fund (the “Fund”) (TSX: EIT.UN) (TSX: EIT.PR.A)
(TSX: EIT.PR.B) is pleased to announce that it is renewing its
at-the-market equity program (the “ATM Program”) that currently
allows the Fund to issue up to $200,000,000 of units of the Fund
(the “Units”) to the public from time to time, at the discretion of
Canoe Financial LP (the “Manager”). Any ATM Program Units issued
will be sold at the prevailing market price at the time of sale
through the Toronto Stock Exchange (the “TSX”) or any other
marketplace in Canada on which the Units are listed, quoted or
otherwise traded.
The volume and timing of distributions under the
ATM Program, if any, will be determined at the Manager’s sole
discretion. The ATM Program will be effective until December 25,
2022 unless terminated prior to such date by the Fund. The Fund
intends to use the proceeds from the ATM Program in accordance with
the Fund’s investment objectives and strategies, subject to the
Fund’s investment restrictions.
The Fund’s regular monthly distribution of $0.10
per Unit remains unchanged. The Fund has maintained the $0.10 per
Unit monthly distribution since August 2009, through varying market
conditions. The Fund’s annual voluntary redemption feature for
unitholders also remains unchanged.
Sales of the Units through the ATM Program will
be made pursuant to the terms of an equity distribution agreement
dated November 27, 2020 with National Bank Financial Inc. (the
“Agent”).
Sales of Units will be made by way of
“at-the-market distributions” as defined in National Instrument
44-102 Shelf Distributions on the TSX or on any marketplace for the
Units in Canada. Since the Units will be distributed at prevailing
market prices at the time of the sale, prices may vary among
purchasers during the period of distribution. In order to ensure
that the price at which the Units are sold under the ATM Program is
at least equal to the most recent net asset value per Unit, the
Manager may make voluntary cash contributions per Unit to the Fund
depending on the price at which Units are sold during the period of
any distribution. The ATM Program is being offered pursuant to a
prospectus supplement dated November 27, 2020 to the Fund’s short
form base shelf prospectus dated November 25, 2020. Copies of the
prospectus supplement and the short form base shelf prospectus may
be obtained from your registered financial advisor using the
contact information for such advisor, or from representatives of
the Agent, and are available on SEDAR at www.sedar.com.
The Units have not been, nor will be, registered
under the United States Securities Act of 1933, as amended, or any
state securities laws and may not be offered or sold in the United
States or to U.S. persons absent registration or applicable
exemption from the registration requirement of such Act and
applicable state securities laws. This news release shall not
constitute an offer to sell, or the solicitation of an offer to
buy, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to qualification under the securities laws of any
such jurisdiction.
About Canoe EIT
Income Fund
Canoe EIT Income Fund is one of Canada’s largest
closed-end investment funds, designed to maximize monthly
distributions and capital appreciation by investing in a broadly
diversified portfolio of high quality securities. The Fund is
listed on the TSX 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 $8.5
billion in assets across a diversified range of award-winning
investment solutions. Founded in 2008, Canoe Financial is an
employee-owned investment management firm focused on building
financial wealth for Canadians. Canoe Financial has a significant
presence across Canada, including offices in Calgary, Toronto and
Montreal.
For further information, please
contact:Investor Relations
1-877-434-2796www.canoefinancial.cominfo@canoefinancial.com
Forward Looking Statement:
Certain statements included in this news release constitute forward
looking statements which reflect Canoe Financial LP’s current
expectations regarding future results or events. Words such as
“may,” “will,” “should,” “could,” “anticipate,” “believe,”
“expect,” “intend,” “plan,” “potential,” “continue” and similar
expressions have been used to identify these forward-looking
statements. In addition, any statement regarding future
performance, strategies, prospects, action or plans is also a
forward-looking statement. Market predictions and forward-looking
statements are subject to known and unknown risks and uncertainties
and other factors that may cause actual results, performance,
events, activity and achievements to differ materially from those
expressed or implied by such statements. Forward looking statements
involve significant risks and uncertainties and a number of factors
could cause actual results to materially differ from expectations
discussed in the forward looking statements including, but not
limited to, changes in general economic and market conditions and
other risk factors. Although the forward-looking statements are
based on what Canoe Financial LP believes to be reasonable
assumptions, we cannot assure that actual results will be
consistent with these forward-looking statements. Investors should
not place undue reliance on forward-looking statements. These
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 makes monthly distributions of an
amount comprised in whole or in part of return of capital (ROC) of
the net asset value per Unit. A ROC reduces the amount of your
original investment and may result in the return to you of the
entire amount of your original investment. ROC that is not
reinvested will reduce the net asset value of the Fund, which could
reduce the Fund’s ability to generate future income. You should not
draw any conclusions about the Fund’s investment performance from
the amount of this distribution.
Commissions, trailing commissions, management
fees and expenses all may be associated with investment funds.
Please read the information filed about the Fund on www.sedar.com
before investing. Investment funds are not guaranteed and past
performance may not be repeated.
This communication is not to be construed as a
public offering to sell, or a solicitation of an offer to buy
securities. Such an offer can only be made by way of a prospectus
or other applicable offering document and should be read carefully
before making any investment. This release is for information
purposes only. Investors should consult their Investment Advisor
for details and risk factors regarding specific strategies and
various investment products.
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