Canoe EIT Income Fund Completes Overnight Offering
June 22 2021 - 3:00PM
Canoe EIT Income Fund (the “Fund”) (TSX: EIT.UN) (TSX: EIT.PR.A)
(TSX: EIT.PR.B) is pleased to announce it has completed the
overnight offering of 7,273,000 units of the Fund (the “Units”).
Total gross proceeds of the offering are expected to be
approximately $88 million. The Units will trade on the Toronto
Stock Exchange under the existing symbol of “EIT.UN”.
The Units were offered at a price of $12.10 per Unit to yield
9.9%.
The offering 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.
Net proceeds of the offering will be used by the Fund in
accordance with its investment objectives and investment
strategies, subject to the investment restrictions of the Fund. The
Fund’s regular monthly distribution of $0.10 per unit for
unitholders of EIT.UN 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 of EIT.UN units remains
unchanged.
A prospectus supplement to the Fund’s short form base
shelf prospectus dated November 25, 2020 containing important
detailed information about the Units being offered 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 advisor using the contact information for such
advisor, or from representatives of the agents listed above. There
will not be any sale or any acceptance of an offer to buy the
securities being offered until the prospectus supplement has been
filed with the Securities Commissions or similar authorities in
each of the provinces and territories of Canada.
About the FundCanoe EIT Income Fund is one of
Canada's largest, diversified closed-end investment funds 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
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 FinancialCanoe Financial is one of
Canada’s fastest growing independent mutual fund companies managing
over $10 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.
Further Information:Investor
Relations1–877–434–2796info@canoefinancial.com
Not for distribution to U.S. Newswire Services or for
dissemination in the United States.
Forward Looking Statement: Certain statements
in this 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 forward-looking statements including, but
not limited to, changes in general economic and market conditions
and other risk factors. Although 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.
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. 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.
Investors will usually pay brokerage fees to their dealer if
they purchase or sell units of the Fund on the Toronto Stock
Exchange. If the units are purchased or sold on the Toronto Stock
Exchange, investors may pay more than the current net asset value
when buying Units of the Fund and may receive less than the current
net asset value when selling them. There are ongoing fees and
expenses associated with owning units of an investment fund. An
investment fund must prepare disclosure documents that contain key
information about the fund. You can find more detailed information
about the Fund in these documents. Commissions, trailing
commissions, management fees and expenses all may be associated
with investment funds. Please read information filed about the Fund
on www.sedar.com before investing. The indicated rates of return
are historical and annual compounded total returns including
changes in unit value and reinvestment of all distributions, and do
not take into account sales, redemption, distribution, or optional
charges or income taxes payable by any security holder that would
have reduced returns. Investment funds are not guaranteed and past
performance may not be repeated.
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.
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