Canoe EIT closes $88-million overnight offering
2021-06-22 15:12 ET - News Release
An anonymous trustee reports
CANOE EIT INCOME FUND COMPLETES OVERNIGHT OFFERING
Canoe EIT Income Fund has completed its overnight offering of 7,273,000 units of the fund. Total gross proceeds of the offering are expected to be approximately $88-million. The units will trade on the Toronto Stock Exchange under the symbol EIT.
The units were offered at a price of $12.10 per unit to yield 9.9%.
The offering was co-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.