CALGARY, Jan. 3, 2014 /CNW/ - Middlefield Group, on behalf of MINT Income Fund ("MINT" or the "Fund"), is pleased to announce that any Warrants exercised on or before the Warrant Expiry Time (as defined below) will receive the Fund's January 31, 2014 distribution of $0.06 per Unit. Warrants can now be exercised.
Each Warrant of the Fund entitles the holder to purchase one MINT Unit at a subscription price of $9.88 and can be exercised at any time on or before 4:00 p.m. (Toronto time) on January 31, 2014 (the "Warrant Expiry Time"). Dealers may impose earlier deadlines for exercise. Warrants not exercised by the Warrant Expiry Time will automatically expire and be void and of no value. Assuming all Warrants were exercised, the Fund's net asset value as at January 2, 2014 was $10.31.
The net proceeds from the exercise of Warrants will be invested by the Fund in accordance with its investment objectives which include providing holders of Units with (i) a high level of sustainable income distributed monthly over the life of the Fund, (ii) a cost-effective method of reducing the risk of investing in high income securities, and (iii) the potential for capital appreciation by investing in an actively managed, diversified portfolio comprised primarily of high yielding equity securities.
As at December 31, 2013, the Fund generated a total annualized return of 8.3%, 5.4%, 16.8%, 12.0% and 11.6% respectively for the one, three, five and ten year periods then ended and the period since inception on March 13, 1997.
The Fund's Units and Warrants trade on the Toronto Stock Exchange under the symbols MID.UN and MID.WT, respectively.
Certain statements included herein constitute forward-looking statements. Forward-looking statements include, among other things, statements regarding the Fund and the proposed use of net proceeds from the exercise of Warrants. Forward-looking statements are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the Fund, they are inherently subject to significant business, economic and competitive uncertainties and risks. Investors are cautioned not to put undue reliance on forward-looking statements. The Fund undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws. Capitalized terms used but not defined herein have the meanings ascribed to them in the Short-Form Prospectus dated July 30, 2013 of the Fund relating to the offering of Warrants.
SOURCE: MINT Income Fund
For further information:
For further information, please visit our website at www.middlefield.com or contact Nancy Tham, Managing Director, Sales and Marketing, at 416.847.5349 or at 1.888.890.1868.