Canso Credit Income Fund Announces Filing of Short Form Prospectus

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

TORONTO, May 17 /CNW/ - Lysander Funds Limited is pleased to announce that Canso Credit Income Fund (TSX: PBY.UN) (the "Fund") has filed a short form prospectus in each of the provinces of Canada with respect to an additional offering (the "Offering") of up to a maximum 5,322,840 Class A Units and 2,036,264 Class F Units (collectively the "Offered Units") of the Fund at an issue price of $10.15 per Class A Unit and $10.25 per Class F Unit. Closing of the Offering is expected to occur on or about May 25, 2011.

The Fund seeks to achieve the following investment objectives: (i) to maximize total returns for unitholders on a tax-advantaged basis, while reducing risk; and (ii) to provide unitholders with attractive monthly tax-advantaged cash distributions.

The syndicate of agents for the Offering is led by RBC Capital Markets and includes CIBC World Markets Inc., GMP Securities L.P., Scotia Capital Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Canaccord Genuity Corp., HSBC Securities (Canada) Inc., Raymond James Ltd., MGI Securities Inc. and Wellington West Capital Markets Inc.

In connection with the Offering, the Fund entered into an agency agreement with the agents dated May 17, 2011 pursuant to which the agents will offer for sale the Offered Units on a best efforts basis. Under the agency agreement, the Fund also granted the agents an over-allotment option, exercisable in whole or in part at any time up to 30 days after closing of the Offering, to purchase up to an additional 799,926 Class A Units at a price of $10.15 per Class A Unit.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

This press release contains forward-looking statements. The statements that are concerning the Canso Credit Income Fund's objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of Canso Credit Income Fund are  forward-looking statements. The words "believe", "expect", "anticipate", "estimate", "intend", "may", "will", "would" and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to important risks and uncertainties that could cause actual results to differ materially from current expectations. While Lysander Funds Limited considers these risks and uncertainties to be reasonable based on information currently available, they may prove to be incorrect.  These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risk Factors" in the Fund's current Annual Information Form. Readers, therefore, should not place undue reliance on any such forward-looking statements. These forward-looking statements are made as of the date of this press release. Lysander Funds Limited and the Fund undertake no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances except as required by securities laws.

SOURCE Canso Credit Income Fund

For further information:

Lysander Funds Limited
Richard Usher-Jones, President
(905) 881-8853


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