Marret Multi-Strategy Income Fund Announces Exercise of Over-Allotment Option Total issue reaches $196,680,000

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

TORONTO, April 1 /CNW/ - Marret Asset Management Inc. ("Marret") is pleased to announce that the syndicate of agents for the initial public offering of Marret Multi-Strategy Income Fund (TSX:MMF.UN) (the "Fund") has exercised part of its over-allotment option and acquired an additional 555,000 Class A units of the Fund for gross proceeds of $6,660,000. In total, Marret Multi-Strategy Income Fund has issued 14,628,451 Class A units and 1,761,549 Class F units (collectively, the "Units") at a price of $12.00 per unit for total gross proceeds of $196,680,000. The Class A units are listed on the Toronto Stock Exchange under the symbol MMF.UN.  The Class F units are designed for fee based and/or institutional accounts and will not be listed on a stock exchange, but are convertible into Class A units on a monthly basis.

The Fund has been created to provide investors with attractive, risk adjusted returns and tax advantaged distributions and the opportunity for capital appreciation through exposure through a forward agreement to five diversified, actively managed investment portfolios consisting primarily of income generating securities. The five separate portfolios are managed by: (i) Barry Allan of Marret; (ii) Paul Sandhu of Marret; (iii) Brad Dunkley and Blair Levinsky of WARATAH Capital Advisors Ltd.; (iv) John Schumacher and Michael MacBain of East Coast Fund Management Inc.; and (v) Michael Ruscetta of RCM Partners Inc.

The Fund seeks to achieve the following investment objectives: (i) generate equity-like returns with substantially less volatility than the S&P/TSX Composite Index; and (ii) provide unitholders of the Fund with attractive, risk-adjusted, quarterly, tax advantaged cash distributions, initially targeted to be 5% per annum on the original issue price of $12.00 per Unit.

The syndicate of agents for the offering was led by RBC Capital Markets and includes CIBC, GMP Securities L.P., TD Securities Inc., BMO Capital Markets, Scotia Capital Inc., Dundee Securities Ltd., HSBC Securities (Canada) Inc., National Bank Financial Inc., Canaccord Genuity Corp., Raymond James Ltd., Wellington West Capital Markets Inc., Macquarie Private Wealth Inc. and Manulife Securities Incorporated.

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.

About Marret Asset Management Inc.

Marret Asset Management Inc. is an employee-owned firm based in Toronto and has over $5.2 billion of assets under management. Marret and its experienced team of investment professionals led by Barry Allan specialize exclusively in fixed income and, particularly, in high yield debt strategies. Barry Allan, the President and Chief Investment Officer, founded Marret in 2000, following a career at Altamira, Nesbitt Thomson and a Canadian chartered bank. Mr. Allan has over 30 years of experience in credit and fixed income markets.

This press release contains forward-looking statements and information within the meaning of applicable securities legislation. Forward-looking statements can be identified by the expressions "seeks", "expects", "believes", "estimates", "will", "target" and similar expressions. The forward-looking statements are not historical facts but reflect the current expectations of Marret and the portfolio managers regarding future results or events and are based on information currently available to them. Certain material factors and assumptions were applied in providing these forward-looking statements. All forward-looking statements in this press release are qualified by these cautionary statements.

Marret believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, Marret can give no assurance that the actual results or developments will be realized. 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 "Risks Factors" in the prospectus of the Fund, available at www.sedar.com. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. Marret undertakes 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.

These forward-looking statements are made as of the date of this press release.

SOURCE Marret Asset Management Inc.

For further information:

For further information on the Fund, contact Lara Misner at 416.306.3895, lmisner@marret.com, or Marcus Spain at 416.306.3894, mspain@marret.com, or about Marret, go to www.marret.com

Profil de l'entreprise

Marret Asset Management Inc.

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