First Premium Income Trust - Files final prospectus for warrant offering

TORONTO, Nov. 10 /CNW/ - First Premium Income Trust (TSX: FPI.UN), which operates as Mulvihill Premium Canadian Fund (the "Fund"), is pleased to announce that it has filed a final short form prospectus relating to an offering of Warrants to unitholders of the Fund. Each unitholder of record on November 19, 2009 will receive one Warrant for each Unit held. One Warrant will entitle its holder to acquire one Unit upon payment of the subscription price of $11.30. The Toronto Stock Exchange has conditionally approved the listing of the Warrants under the symbol FPI.WT and the Units issuable upon the exercise thereof. It is expected that the Warrants will commence trading on November 17, 2009 and will remain trading until noon (Toronto time) on the expiry date of March 31, 2010.

The exercise of Warrants by holders will provide the Fund with additional capital that can be used to take advantage of attractive investment opportunities and is also expected to increase the trading liquidity of the Units and to reduce the management expense ratio of the Fund.

The Fund invests in a diversified portfolio consisting primarily of common shares of major Canadian issuers. To generate additional returns above the distributions earned on its securities, the Fund may, from time to time, write covered call options in respect of some or all of the securities in its portfolio. The Fund may also, from time to time, write cash-covered put options in respect of securities in which the Fund is permitted to invest. The Fund's investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc.


For further information: For further information: John Mulvihill, President and CEO; John Germain, Senior Vice-President, Sheila Szela, Vice-President, Finance and CFO; Mulvihill Structured Products, A member of the Mulvihill Capital Management Inc., Group of Funds, 121 King Street West, Suite 2600, Toronto, Ontario, M5H 3T9, (416) 681-3900, (800) 725-7172,,

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