/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TSX Symbol: CIX.UNTORONTO, Dec. 17 /CNW/ - CI Financial Income Fund (the "Fund") (TSX:
CIX.UN) is pleased to announce that it has entered into an agreement with a
syndicate of underwriters co-led by GMP Securities L.P. and TD Securities Inc.
which has agreed to purchase on a bought deal basis 15,000,000 Units of the
Fund at a purchase price of $14.00 per Unit, for aggregate gross proceeds of
$210,000,000. The underwriters will also have an option to purchase up to an
additional 2,250,000 units, until the business day following the closing date,
at the offer price to cover over-allotments and for market stabilization
purposes.
The units to be issued under this offering will be offered by way of a
supplement to the Fund's final base shelf prospectus dated November 7, 2008,
to be filed in all of the provinces in Canada, and on a private placement
basis in the United States pursuant to an exemption from the registration
requirements of the United States Securities Act of 1933, as amended.
The Fund intends to use the net proceeds of the offering for general
corporate purposes, including the enhancement of working capital and the
repayment of debt. The closing of the offering is scheduled for December 30,
2008 and is subject to certain conditions including, but not limited to, the
receipt of all necessary approvals including the approval of the Toronto Stock
Exchange.
About CI Financial Income Fund
The Fund (TSX: CIX.UN) is an independent, Canadian-owned wealth
management company. The Fund offers a broad range of investment products and
services, including an industry-leading selection of investment funds, and is
on the Web at www.ci.com/cix.
This press release contains "forward-looking statements" within the
meaning of applicable Canadian securities legislation. Generally,
forward-looking statements can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "planned", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or variations of such
words and phrases or state that certain actions, events or results "may"
,"could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level of
activity, closing of transactions, performance or achievements of the Fund to
be materially different from those expressed or implied by such
forward-looking statements, including but not limited to: risks related to
capital markets and additional funding requirements, fluctuating interest
rates and general economic conditions, legislative and regulatory
developments, the nature of our customers and rates of default, and
competition as well as those factors discussed in the Fund's documents filed
on SEDAR (www.sedar.com).
Although the Fund has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause results not
to be as anticipated, estimated or intended. There can be no assurance that
such statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. The Fund does not undertake to update any forward-looking
statements that are contained herein, except in accordance with applicable
securities laws. Further information on the Fund is available at
www.sedar.com.
This news release and the information contained herein does not
constitute an offer of securities for sale in the United States and securities
may not be offered or sold in the United States absent registration or
exemption from registration.
For further information: CI Financial Income Fund, William T. Holland,
(416) 364-1145
