World News: 13:28 GMT Friday 9th November 2018. [Canoe EIT Income Fund via Globe Newswire via SPi World News]
CALGARY, Alberta, Nov. 09, 2018 (GLOBE NEWSWIRE) -- 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 6,261,288 Units of the Fund (the “Units”). Total proceeds of the offering were approximately $70.0 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 $11.18 per Unit to yield 10.7%.
The offering was co-led by National Bank Financial Inc., CIBC Capital Markets and Scotiabank and also included RBC Capital Markets, TD Securities Inc., BMO Capital Markets, Canaccord Genuity Corp., GMP Securities L.P., Industrial Alliance Securities Inc., Raymond James Ltd., Desjardins Securities Inc., Echelon Wealth Partners Inc., Haywood Securities Inc., Mackie Research Capital Corporation and Manulife Securities Incorporated.
The 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 units 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.
The Fund is one of Canada's largest, diversified closed-end investment funds and is listed on the TSX under the symbol EIT.UN. The Fund is actively managed and invests in a diversified portfolio of income-generating and capital growth-oriented securities listed primarily on the TSX. The Fund is designed to maximize distributions and net asset value for the benefit of its unitholders. The Fund is managed by Robert Taylor, Senior Vice President and Portfolio Manager of Canoe Financial LP.
Canoe is one of Canada’s fastest growing independent mutual fund companies managing $4.5 billion in assets across a diversified range of award-winning mutual funds and private energy equity products. Founded in 2008, Canoe Financial LP is an employee-owned investment management firm focused on building financial wealth for Canadians. Canoe has offices in Calgary, Toronto, Vancouver, Winnipeg, and Montreal.
Globe Newswire: 13:28 GMT Friday 9th November 2018
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