TORONTO, Aug. 13, 2013 /CNW/ - Middlefield Group, on behalf of MINT Income Fund (the "Fund"), is pleased to announce that it has closed the exchange
and cash offering (the "Offering") of class A units ("Class A Units")
raising gross proceeds of $65 million.
The Class A Units have similar attributes as the Fund's existing class
of trust units (the "Existing Units") except that (i) the Class A Units
are not eligible to be surrendered for the annual redemption in
November 2013, and (ii) the Class A Units will be converted into
Existing Units automatically as of November 15, 2013 on a one-for-one
basis. Accordingly, all Class A Units and Existing Units (collectively,
the "Units") will have the same investment objectives, strategy,
guidelines and portfolio, which is comprised primarily of equity income
securities, as well as the same net asset value per Unit.
The net proceeds of the Offering will be invested by the Fund in
accordance with its investment objectives which include (i) a high
level of sustainable income distributed monthly over the life of the
Fund (currently targeted to be $0.06 per Unit per month, or $0.72 per
Unit per annum); (ii) a cost-effective method of reducing the risk of
investing in high income securities; and (iii) the potential for
capital appreciation by investing in an actively managed, diversified
portfolio comprised primarily of high yielding equity securities.
Existing Units and Class A Units trade under the Toronto Stock Exchange
symbols "MID.UN" and "MID.A" respectively.
The agents for this Offering were Canaccord Genuity Corporation and
Middlefield Capital Corporation.
Certain statements in this press release may constitute forward-looking
information, including statements regarding cash-on-cash yield.
Forward-looking statements are subject to various risks and
uncertainties that could cause estimates to differ materially from the
expectations expressed, including the risk that the per Unit
distributions may decrease below the amount used in calculating the
yield, which could occur for various reasons beyond the control of the
Fund such as a decrease in the distributions paid by the issuers of
securities included in the Fund's portfolio or a change in general
economic conditions. The forward-looking information contained in this
press release constitutes the Fund's current estimate, as of the date
of this press release, with respect to the matters covered hereby.
Investors and others should not assume that any forward-looking
statement contained in this press release represents the Fund's
estimate as of any date other than the date of this press release.
SOURCE: MINT Income Fund
For further information, please visit our website at www.middlefield.com or contact Nancy Tham, Managing Director, Sales and Marketing at 416.847.5349 or 1.888.890.1868.
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