North American Preferred Share Fund Completes Initial Public Offering

TORONTO, May 8, 2013 /CNW/ - North American Preferred Share Fund (the "Fund") is pleased to announce the closing of its initial public offering (the "Offering").  Pursuant to the Offering, the Fund issued 2.96 million transferable trust units (the "Units") at $25.00 per Unit, for gross proceeds of approximately $74 million.  Pursuant to the Offering, the Fund has granted an over- allotment option to the agents to acquire up to an additional 15% of Units issued at a price of $25.00 per Unit exercisable at any time during the next thirty days.  The Units are listed on the Toronto Stock Exchange under the symbol NPF.UN.

The Fund's investment objectives are to provide unitholders with stable monthly cash distributions and preservation of capital.  The Fund has been created to invest in an actively managed portfolio consisting principally of Canadian and U.S. preferred shares.  The Fund's distributions are initially targeted to be 5.5% per annum on the subscription price of $25.00 ($0.1146 per Unit per month or $1.375 per annum).

Propel Capital Corporation ("Propel") is the manager and promoter of the Fund.  Propel has retained Fiera Capital Corporation to provide portfolio management services to the Fund. Fiera is one of the largest independent money managers in Canada with over $58 billion in assets under management as at December 31, 2012, including approximately $1.75 billion in preferred securities.

The syndicate of agents for this offering was led by CIBC, National Bank Financial Inc., and RBC Capital Markets, and included BMO Capital Markets, GMP Securities L.P., Scotiabank, TD Securities Inc., Macquarie Private Wealth Inc., Raymond James Ltd., Canaccord Genuity Corp., Desjardins Securities Inc., Dundee Securities Ltd., and Manulife Securities Incorporated.

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: Propel Capital Corporation

For further information:

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

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Propel Capital Corporation

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