MINT Income Fund - Rights Offering Fully Subscribed

    TORONTO, Jan. 15 /CNW/ - MINT Income Fund (the "Fund") (TSX: MID.UN) is
pleased to announce that it has closed the offering of Rights to its
unitholders raising gross proceeds of $44,737,670 (4,588,479 Units).
Unitholders of record on December 12, 2007 received one Right for each
MINT Unit held. Three Rights entitled the holder to purchase one MINT Unit at
a price of $9.75 until 4:00 p.m. (Toronto time) on January 10, 2008. The
Rights Offering was oversubscribed by 10,503,212 Units ($102,406,317).
    The directors and officers of the Manager exercised all their Rights to
acquire Units under the Basic Subscription Privilege.
    The net proceeds of the Rights Offering will be invested by the Fund in
accordance with its investment objectives. The Fund's investment objectives
are to provide holders of its Units with (i) a high level of sustainable
income distributed monthly, and (ii) a cost-effective method of reducing the
risk of investing in high income securities. The Fund diligently selects and
actively manages a diversified portfolio comprised primarily of high yielding
equity securities of issuers operating in various industries and geographic
regions. On an annualized basis, the current distribution rate of $1.20 per
Unit represents a cash-on-cash yield of approximately 11.1% based on a Unit
market price of $10.85 as at January 14, 2008. As at December 31, 2007, the
Fund generated a one year return of 18.0% and annualized returns of 13.3% for
3-years, 22.7% for 5-years and 13.3% since inception (assuming the
reinvestment of distributions).

    Certain statements in this press release may constitute forward-looking
information, including statements regarding use of proceeds, cash-on-cash
yield and expected future distributions. Forward-looking statements are
subject to various risks and uncertainties that could cause estimates to
differ materially from the expectations expressed, including the risk that the
per Unit distributions may decrease below the amount used in calculating the
cash-on-cash yield, which could occur for various reasons beyond the control
of the Fund such as a decrease in the distributions paid by the issuers of
securities included in the Fund's portfolio or a change in general economic
conditions. The forward-looking information contained in this press release
constitutes the Fund's current estimate, as of the date of this press release,
with respect to the matters covered hereby. Investors and others should not
assume that any forward-looking statement contained in this press release
represents the Fund's estimate as of any date other than the date of this
press release.

For further information:

For further information: or to obtain a copy of the prospectus, please
visit our website at or contact Nancy Tham, Senior
Vice-President, at (416) 847-5349 or toll-free at 1-888-890-1868

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