Canso Select Opportunities Fund Closes Initial Public Offering at $90 Million

TORONTO, Oct. 22, 2013 /CNW/ - Lysander Funds Limited ("Lysander") is pleased to announce that Canso Select Opportunities Fund (the "Fund") has completed its initial public offering of 8,210,844 Class A units and 789,156 Class F units (collectively, the "Units") at a price of $10.00 per Unit.  The Class A units commence trading on the Toronto Stock Exchange on October 22, 2013 under the symbol SCW.UN. The Class F units are designed for fee-based and/or institutional accounts and will not be listed on a stock exchange, but are convertible into Class A units on a monthly basis.

The Fund will seek to achieve the following investment objectives: (i) maximize long-term total returns to holders of Units ("Unitholders"); and (ii) provide Unitholders with attractive monthly cash distributions, initially targeted at $0.50 per Unit per annum (5.0% yield on issue price), by investing in an actively managed, diversified portfolio consisting primarily of Canadian and global debt and equity securities (the "Portfolio").

The Portfolio will be actively managed by Canso Investment Counsel Ltd. ("Canso").  Canso was founded by John Carswell in 1997 and has over $10 billion in assets currently under management.

The Fund has granted the agents for the offering an over-allotment option to acquire up to an additional 15% of the Class A units issued at a price of $10.00 per Class A unit exercisable anytime during the next thirty days.

The syndicate of agents for the offering is being led by RBC Capital Markets and includes CIBC, Scotiabank, GMP Securities L.P., BMO Capital Markets, National Bank Financial Inc., TD Securities Inc., Canaccord Genuity Corp., Macquarie Private Wealth Inc. and Raymond James Ltd.

Certain statements in this press release are forward-looking statements, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "target", "seek", "will" and similar expressions to the extent they relate to the Fund, Lysander or Canso. Forward-looking statements are not historical facts but reflect the current expectations of the Fund, Lysander or Canso regarding future results or events. Such forward-looking statements reflect the Fund's, Lysander's or Canso's current beliefs and are based on information currently available to them. Forward-looking statements involve significant risks and uncertainties. A number of factors could cause actual results or events to differ materially from current expectations including global economic conditions. Some of these risks, uncertainties and other factors are described in the prospectus of the Fund dated September 25, 2013 under the heading "Risk Factors". Although the forward-looking statements contained in this press release are based upon assumptions that the Fund, Lysander and Canso believe to be reasonable, none of the Fund, Lysander and Canso can assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein were prepared for the purpose of providing prospective investors with information about the Fund and may not be appropriate for other purposes. None of the Fund, Lysander and Canso assumes any obligation to update or revise them to reflect new events or circumstances, except as required by law.

SOURCE: Lysander Funds Limited

For further information:

Lysander Funds Limited
Raj Vijh, Chief Financial Officer
[phone]