Not for distribution to U.S. newswire services or for dissemination in the United States
TORONTO, June 8, 2016 /CNW/ - Purpose Investments Inc. ("Purpose"), on behalf of the U.S. Banks Income & Growth Fund (the "Fund"), announces that the Fund has completed its treasury offering (the "Offering") of Class A2 Units and Class T Units, for gross proceeds of approximately $5.9 million. The Fund has granted the agents for the Offering an over-allotment option to purchase additional Class T Units in an amount up to 15% of the aggregate number of Class T Units issued in connection with the Offering at $9.69 per unit exercisable at any time during the next thirty days.
The syndicate of agents for the Offering was led by National Bank Financial Inc. and which includes BMO Capital Markets, CIBC, Scotiabank, GMP Securities L.P., Canaccord Genuity Corp., Desjardins Securities Inc., Industrial Alliance Securities Inc., Raymond James Ltd., Mackie Research Capital Corporation and Manulife Securities Incorporated.
About the Fund
The Fund uses the Unit Traded Fund (UTF) structure which has been developed to accomplish two goals, namely (a) to enable the Fund to invest virtually all of the gross proceeds from the offering in its investment portfolio, and (b) to encourage the Fund's Class T Units to trade in the market at a price not less than 98.50% of their net asset value throughout the life of the Fund.
The Fund's investment objectives are to (i) maximize total return through capital appreciation and distributions; and (ii) provide holders of Units with monthly cash distributions. To achieve its investment objectives, the Fund invests in a portfolio comprised primarily of equity securities from a universe of financial sector securities listed in the U.S., including but not limited to commercial banks and industrial banks, and financial services companies such as insurance companies.
About Purpose Investments Inc.
Purpose Investments is an asset management firm inspired by the belief that all investors should have access to great investment products along with low fees. Purpose believes in focusing first on managing risk and creating value that is currently missing from the marketplace, thus empowering all Canadians to be better investors. Purpose has approximately $1.9 billion in assets under management and currently offers 18 exchange traded funds and mutual funds and 5 closed-end funds across multiple asset classes and both traditional and alternative investment strategies.
Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total return and the cumulative total return including changes in share value and reinvestment of all dividends and does not take into account sales, redemptions, distributions or optional charges or income taxes payable by any shareholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
SOURCE U.S. Banks Income & Growth Fund
For further information: Dan Rubin, Vice President, Marketing, Purpose Investments Inc., Tel: (877) 789-1517, Email: [email protected]