Canoe EIT Income Fund Announces 2017 Voluntary Cas

CALGARY, Alberta, Oct. 16, 2017 (GLOBE NEWSWIRE) --

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States of America.

Canoe EIT Income Fund (“Canoe” or the “Fund”) (TSX:EIT.UN) today announced the 2017 voluntary cash redemption.

VOLUNTARY ANNUAL CASH REDEMPTION  The redemption date for the Fund’s annual voluntary cash redemption will be December 8, 2017.  Unitholders are entitled to redeem units of the Fund at a price equal to 95% of the Average Net Asset Value (NAV) of the three trading days preceding the December 8, 2017 redemption date, less direct costs.  Direct costs are expected to be less than 1%.  If all redemption requests exceed 10% of the aggregate outstanding units of the Fund on November 17, 2017, the final day to submit units for redemption, the Fund will process redemptions to this maximum on a pro-rata basis based on the total number of units tendered. Payment for units that have been tendered and accepted for redemption will be made on or before January 3, 2018.

Unitholders wishing to redeem their units must provide notice of their intent to do so with their investment advisor or brokerage office no later than November 17, 2017.   Please note that investment firms may impose an earlier deadline in order to facilitate the processing of redemption requests.  Unitholders are strongly urged to consult their investment advisor or brokerage office directly to confirm their internal deadlines.  Registered unitholders (those who hold a physical share certificate in their name) should contact the Fund’s transfer agent, Alliance Trust Company, at 403-237-6111 to redeem their units.   Units that have been submitted for redemption will remain eligible for the October 2017 and November 2017 distributions which are paid in November 2017 and December 2017, respectively. 

Please note that any redemption requests made by non-resident unitholders may be subject to withholding tax.                  

About the Fund The Fund is one of Canada's largest, diversified closed-end investment funds and is listed on the TSX under the symbol EIT.UN.  It is actively managed and invests in a diversified portfolio of income-generating and capital growth-oriented securities listed primarily on the TSX.  The Fund is designed to maximize distributions and net asset value for the benefit of its unitholders and is managed by Robert Taylor, Senior Vice President and Portfolio Manager of Canoe Financial.

About Canoe Financial Founded in 2008, Canoe Financial is an employee-owned investment management firm focused on building financial wealth for Canadians.  Canoe Financial is one of Canada’s fastest-growing independent mutual fund companies and currently manages approximately $4.2 billion in assets across a diversified range of award-winning mutual funds and private energy equity products.  Canoe Financial has expanded from its Calgary head office across Canada, including a significant presence in Toronto and offices in Vancouver, Winnipeg, Ottawa and Montreal. To learn more about Canoe Financial and its investment products, visit www.canoefinancial.com.

For further information, please contact: Investor Relations Canoe Financial LP 1–877–434–2796 www.canoefinancial.com info@canoefinancial.com

The Fund makes monthly distributions of an amount comprised in whole or in part of Return of Capital (ROC) of the net asset value per unit. A ROC reduces the amount of your original investment and may result in the return to you of the entire amount of your original investment. ROC that is not reinvested will reduce the net asset value of the fund, which could reduce the fund’s ability to generate future income. You should not draw any conclusions about the fund’s investment performance from the amount of this distribution.

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the information filed about the fund on www.sedar.com before investing. Investment funds are not guaranteed and past performance may not be repeated.

This communication is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Such an offer can only be made by way of a prospectus or other applicable offering document and should be read carefully before making any investment. This release is for information purposes only. Investors should consult their Investment Advisor for details and risk factors regarding specific strategies and various investment products.