Canoe Financial Announces Closing of Overnight Offering of Canoe EIT Income Fund
June 30 2021 - 8:16AM
Canoe EIT Income Fund (the “Fund”) (TSX: EIT.UN) (TSX: EIT.PR.A)
(TSX: EIT.PR.B) is pleased to announce it has closed the previously
announced overnight offering of 7,273,000 Units of the Fund (the
“Units”). Total gross proceeds of the offering were approximately
$88 million. The Units will trade on the Toronto Stock Exchange
under the existing symbol of “EIT.UN”.
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.
The Units were offered at a price of $12.10 per Unit to yield
9.9%.
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.
About the Fund
Canoe 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 Financial LP
Canoe 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
Relations1-877-434-2796
info@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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