U.S. Banks Income & Growth Fund Announces Final Terms of Public Offering

/Not for distribution to U.S. newswire services or for dissemination in the United States/

TORONTO, May 31, 2016 /CNW Telbec/ - Purpose Investments Inc. ("Purpose"), on behalf of the U.S. Banks Income & Growth Fund (the "Fund"), announces the filing by the Fund of a shelf prospectus supplement in final form with the securities regulators in all of the provinces and territories of Canada relating to a public offering of Class A2 Units and Class T Units (together, the "Units"). The Class T Units are being offered at a price of $9.69 per Unit, and the maximum aggregate amount to be raised is $15,000,000. Closing is expected to occur on or about June 8, 2016. As the closing will occur after the distribution payable to holders of record of Class T Units on May 31, 2016, purchasers of Class T Units under the offering will not be eligible to receive such distribution.

The offering is being made on a best efforts agency basis in each of the provinces and territories of Canada through a syndicate of agents led by National Bank Financial Inc. and which includes BMO Capital Markets, CIBC, Scotiabank, GMP Securities L.P., Canaccord Genuity Corp., Desjardins Securities Inc., Industrial Alliance Securities Inc., Raymond James Ltd., Mackie Research Capital Corporation and Manulife Securities Incorporated.

Copies of the shelf prospectus supplement, together with the short form base shelf prospectus of the Fund dated April 29, 2016, may be obtained from your registered financial advisor using the contact information for such advisor.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About the Fund

The Fund uses the Unit Traded Fund (UTF) structure which has been developed to accomplish two goals, namely (a) to enable the Fund to invest virtually all of the gross proceeds from the offering in its investment portfolio, and (b) to encourage the Fund's Class T Units to trade in the market at a price not less than 98.50% of their net asset value throughout the life of the Fund.

The Fund's investment objectives are to (i) maximize total return through capital appreciation and distributions; and (ii) provide holders of Units with monthly cash distributions. To achieve its investment objectives, the Fund invests in a portfolio comprised primarily of equity securities from a universe of financial sector securities listed in the U.S., including but not limited to commercial banks and industrial banks, and financial services companies such as insurance companies.

About Purpose Investments Inc.

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 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 has approximately $1.9 billion in assets under management and currently offers 18 exchange traded funds and mutual funds and 5 closed-end funds across multiple asset classes and both traditional and alternative investment strategies.

Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total return and the cumulative total return including changes in share value and reinvestment of all dividends and does not take into account sales, redemptions, distributions or optional charges or income taxes payable by any shareholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

 

SOURCE U.S. Banks Income & Growth Fund

For further information: Dan Rubin, Vice President, Marketing, Purpose Investments Inc., Tel: (877) 789-1517, Email: info@purposeinvest.com


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