/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES OF AMERICA/
TORONTO, July 3, 2013 /CNW/ - Purpose Investments Inc. ("Purpose") is
pleased to announce that it has filed a preliminary prospectus for U.S.
dollar denominated Class U units and Class V units (together the "USD
Units") of the Limited Duration Investment Grade Preferred Securities
Fund (the "Fund") at a price of U.S. $25.00 per USD Unit. The Fund's
investment objectives are to provide unitholders with: (i) a stable
stream of monthly distributions; (ii) to preserve the net asset value
per Unit; and (iii) to reduce the risk of rising interest rates by
managing portfolio duration. The initial distribution target for the
USD Units is U.S. $0.1198 per USD Unit per month or U.S. $1.4375 per
annum representing a 5.75% annual distribution yield based on the
subscription price of U.S. $25.00 per USD Unit.
The Fund completed its initial public offering of Canadian dollar
denominated Class A Units and Class F Units (together the "CAD Units")
on June 20, 2013, through the issuance of an aggregate of 3,600,000
Class A Units and Class F Units at CAD $25.00 per CAD Unit for
aggregate gross proceeds of CAD $90,000,000. The Class A Units
currently trade on the Toronto Stock Exchange under the symbol
USD Units of the Fund are being offered on a best efforts basis in each
of the provinces and territories in Canada through a syndicate of
investment dealers co-led by TD Securities Inc., CIBC, RBC Capital
Markets, National Bank Financial Inc., Scotiabank and including BMO
Capital Markets, Canaccord Genuity Corp., GMP Securities L.P.,
Macquarie Private Wealth Inc., Raymond James Ltd., Desjardins
Securities Inc., Dundee Securities Ltd., Mackie Research Capital
Corporation, Manulife Securities Incorporated and Rothenberg Capital
Management Inc. .
A preliminary prospectus containing important information relating to
these securities has been filed with the securities commissions or
similar authorities in each of the provinces and territories of Canada.
The preliminary prospectus is still subject to completion or amendment.
Copies of the preliminary prospectus may be obtained from one of the
agents noted above. There will not be any sale or any acceptance of an
offer to buy the securities until a receipt for the final prospectus
has been issued.
SOURCE: Purpose Investments Inc.
For further information:
President & CEO
Purpose Investments Inc.
Vice President, Marketing
Purpose Investments Inc.