Canadian Convertibles Income Plus Fund: Files Final Prospectus

TORONTO, Feb. 24 /CNW/ - Canadian Convertibles Income Plus Fund (the "Fund") announces that it has filed a final prospectus dated February 23, 2011 with the securities regulatory authorities of all of the Canadian provinces and territories for an initial public offering of transferable trust units (the "Units") of the Fund at $10 per Unit, for a maximum offering size of up to $90 million, plus any Units issued pursuant to the over-allotment option.  The offering is scheduled to close on March 9, 2011.  The Toronto Stock Exchange ("TSX") has conditionally approved the listing of the Units under the symbol CCI.UN, subject to the fulfillment of TSX requirements.

The Fund will obtain exposure to an actively managed diversified portfolio (the "Portfolio") comprised primarily of convertible debentures of Canadian issuers. The Fund will be managed by Propel Capital Corporation ("Propel"). The Fund's portfolio manager will be Fiera Sceptre Inc. ("Fiera").

The Fund's investment objectives are to provide holders of Units ("Unitholders") with:

i.     quarterly tax-advantaged distributions; and
ii.     preservation of capital; and
iii.     the opportunity for capital appreciation.

The distributions are initially targeted to be 6.25% per annum on the subscription price of $10.00 per Unit ($0.15625 per Unit per quarter or $0.625 per annum). The Fund will not have a fixed distribution amount. The amount of quarterly distributions will be based on Propel and Fiera's assessment of anticipated cash flow from time to time.

Propel is responsible for creating, structuring, managing, and promoting the Fund. Propel will retain Fiera to provide portfolio management services. Fiera is one of the largest independent money managers in Canada with over $28 billion in assets under management, including approximately $18 billion in fixed income assets.

The syndicate of agents for this offering is being co-led by BMO Capital Markets, CIBC and RBC Capital Markets, and includes National Bank Financial Inc., GMP Securities L.P.,  Scotia Capital Inc., HSBC Securities (Canada) Inc., Wellington West Capital Markets Inc., Desjardins Securities Inc., Macquarie Private Wealth Inc., Dundee Securities Corporation, Laurentian Bank Securities Inc. and Manulife Securities Inc.

This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from one of the above-noted agents. Investors should read the prospectus before making an investment decision.

SOURCE Canadian Convertibles Income Plus Fund

For further information:

please call Raj Lala, President, Propel Capital at 416-572-2364 or visit www.propelcapital.ca.

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Canadian Convertibles Income Plus Fund

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