CanBanc Income Corp.

CanBanc Income Corp.
First Asset

First Asset

September 28, 2010 13:55 ET

CanBanc Income Corp. Announces Normal Course Issuer Bid for Units

TORONTO, ONTARIO--(Marketwire - Sept. 28, 2010) - CanBanc Income Corp. (the "Corporation") (TSX:CIC) announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Corporation's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB").

Pursuant to the NCIB, the Fund proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 2,402,700 equity shares ("Shares") of the Corporation, representing approximately 10% of the public float which is the same number as the Corporation's issued and outstanding Shares, being 24,027,000 Shares as of the date hereof. The Corporation will not purchase in any given 30-day period, in the aggregate, more than 480,540 Shares, being 2% of the issued and outstanding Shares as of the date hereof. Purchases of Shares under the NCIB may commence on October 1, 2010. The Board of Directors of First Asset Investment Management Inc., the manager of the Corporation, believes that such purchases are in the best interests of the Corporation and are a desirable use of the Corporation's funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Shares purchased by the Corporation pursuant to the NCIB will not be cancelled and will be held for resale. The NCIB will expire on September 30, 2011.

Contact Information

  • First Asset
    Rob MacNiven
    Investor Relations
    416-642-1289 or 1-877-642-1289