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TORONTO, March 4, 2016 /CNW/ - Purpose Investments Inc. ("Purpose"), on behalf of the Investment Grade Managed Duration Income Fund (the "Fund"), is pleased to announce that the Fund, pursuant to the exercise of the over-allotment option (the "Over-Allotment Option") by the syndicate of agents, has issued an additional 33,300 Class T Units at $9.60 per Class T Unit for gross proceeds of approximately $319, 680. The Class T Units are listed on the Toronto Stock Exchange under the symbol PFU.UN.
The Fund completed its second treasury offering of Class A2 Units and Class T Units on February 4, 2016, through the issuance of Class A2 Units and Class T Units, for gross proceeds of approximately $6.8 million. The aggregate gross proceeds from the secondary treasury offering, including the Over-Allotment Option, total approximately $7.1 million.
The Fund's investment objectives are to provide holders of units with a stable stream of monthly distributions, preserve the net asset value per unit, and reduce the risk of rising interest rates by managing portfolio duration, by investing primarily in U.S. and Canadian dollar denominated investment grade preferred securities.
The syndicate of agents was led by National Bank Financial Inc., and included BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., GMP Securities L.P., Canaccord Genuity Corp., Raymond James Ltd., Desjardins Securities Inc., Manulife Securities Incorporated, Industrial Alliance Securities Inc. and Mackie Research Capital Corporation.
This offering is made only by prospectus. The final prospectus contains important detailed information about the Units. The final prospectus relating to these securities has been filed with the securities commissions or similar authorities in each of the provinces and territories of Canada. Copies of the final prospectus may be obtained from one of the agents noted above. Investors should read the final prospectus before making an investment decision.
About Purpose Investments
Purpose Investments is an asset management firm inspired by the belief that all investors should have access to great investment products along with low fees. Purpose Investments believes in focusing first on managing risk and creating value that is currently missing from the marketplace, thus empowering all Canadians to be better investors. Purpose Investments has approximately $1.8 billion in assets under management and currently offers 17 exchange-traded funds and mutual funds and 6 closed-end funds across multiple asset classes with both traditional and alternative investment strategies.
SOURCE Investment Grade Managed Duration Income Fund
For further information: please visit our website at www.purposeinvest.com or contact Dan Rubin, Vice President, Marketing, at 416-583-3853