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TORONTO, June 12, 2014 /CNW/ - Aston Hill Asset Management Inc., the manager of Aston Hill VIP Income Fund (TSX: VIP.UN) (the "Fund"), is pleased to announce the closing of the previously announced warrant offering of the Fund. The warrant offering was fully subscribed and as a result the Fund issued 14,860,170 units and raised gross proceeds totaling approximately $151 million under the warrant offering. As at June 12, 2014, there were 44,577,211 units of the Fund issued and outstanding.
The net proceeds from the warrant offering will provide the Fund with additional capital allowing the Fund to take advantage of market opportunities. The completion of the warrant offering is also expected to increase the trading liquidity of the units of the Fund and reduce the ongoing management expense ratio of the Fund.
Aston Hill Asset Management Inc., the manager of the Fund, is a wholly-owned subsidiary of Aston Hill Financial Inc. (TSX: AHF). Aston Hill Financial Inc. is a diversified asset management company with a suite of retail mutual funds, closed end funds, private equity funds, hedge funds and segregated institutional funds. Aston Hill Financial has offices in Calgary, Toronto and Halifax.
SOURCE: Aston Hill Asset Management Inc.
For further information: Please contact your financial advisor, call Aston Hill's Sales and Marketing support line at 416-583-2300 (toll-free at 1-800-513-3868), or visit our website at www.astonhill.ca.