Propel Multi-Strategy Fund Announces Normal Course Issuer Bid For Units

TORONTO, April 7 /CNW/ - Propel Multi-Strategy Fund (the "Fund") announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Fund's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB").

Pursuant to the NCIB, the Fund proposes to purchase through the facilities of the TSX, from time to time, if it is in the best interests of the Fund, up to 744,736 units ("Units") of the Fund, representing approximately 10% of the public float which is the same number of the Fund's issued and outstanding Units, being 7,447,360 Units as of April 5, 2011.  The Fund will not purchase in any given 30-day period, in aggregate, more than 148,947 Units, being 2% of the issued and outstanding Units as of the date hereof.  The Board of Directors of Propel Capital Corporation, the manager of the Fund, believe that such purchases are in the best interests of the Fund.  All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Units purchased by the fund pursuant to the NCIB will be cancelled.  The NCIB will commence on April 8, 2011 and will expire on April 7, 2012.

SOURCE Propel Multi-Strategy Fund

For further information:

Raj Lala at Propel Capital at rlala@propelcapital.ca or at 416-572-2364 or visit www.propelcapital.ca

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Propel Multi-Strategy Fund

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