/NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA./
TORONTO, Jan. 23, 2015 /CNW/ - CanBanc 8 Income Corp. (the "Corporation") (TSX: "CBF") announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Corporation's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB").
Pursuant to the NCIB, the Corporation proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 223,201 equity shares ("Shares") of the Corporation, representing approximately 10% of the public float which is the same number as the Corporation's issued and outstanding Shares, being 2,232,016 Shares as of January 20, 2015. The Corporation will not purchase in any given 30-day period, in the aggregate, more than 44,640 Shares, being 2% of the issued and outstanding Shares. Purchases of Shares under the NCIB may commence on January 27, 2015. First Asset Investment Management Inc., the manager of the Corporation, believes that such purchases are in the best interests of the Corporation and are a desirable use of the Corporation's funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Shares purchased by the Corporation pursuant to the NCIB will be cancelled. The NCIB will expire on January 26, 2016.
On January 23, 2014, the Fund announced that it was making a Normal Course Issuer Bid, which commenced January 27, 2014, to purchase up to 402,440 Shares through the facilities of the TSX. The Fund repurchased 46,900 Shares at a weighted average price of $9.99 per Share under the bid, which expires on January 26, 2015.
First Asset - Smart SolutionsTM
First Asset is an independent investment firm, focused on providing smart, low cost solutions that address the real-world investment needs of Canadians - capital appreciation, income generation and risk mitigation. Rooted in strong fundamentals, First Asset's smart solutions strive to deliver better risk-adjusted returns than the broad market while helping investors achieve their personal financial goals.
SOURCE First Asset Close-End Funds
For further information: please contact Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.