Canoe Strategic Resources Income Fund Announces Proposed Merger Into Canoe 'GO CANADA!' Equity Income Class and October 2012 Distribution

CALGARY, ALBERTA--(Marketwire - Oct. 19, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.

Canoe Strategic Resources Income Fund (the "Fund") (TSX:CSR.UN) has scheduled a special meeting of unitholders on December 13, 2012 to consider the merger of the Fund into Canoe 'GO CANADA!' Equity Income Class, an open-end mutual fund managed by Canoe Financial LP. The proposed merger is expected to provide unitholders of the Fund with the following benefits:

• Lower Costs - the management expense ratio (total costs divided by the average net asset value) of
  Canoe 'GO CANADA!' Equity Income Class is currently less than that of the Fund.
  
  
• Enhanced Liquidity - investors in Canoe 'GO CANADA!' Equity Income Class are entitled to redeem all or any portion of their shares daily at the applicable net asset value (with no discount).
  
  
• Continued Distributions - aggregate annual monthly distributions of Canoe 'GO CANADA!' Equity
  Income Class are currently targeted at 6% of the net asset value of the fund. The distribution is comprised of return of capital for tax purposes. At October 18, 2012, the net asset value per share of Canoe 'GO CANADA!' Equity Income Class was $10.01.
  
  
• Investment Flexibility/Diversification - investors in Canoe 'GO CANADA!' Equity Income Class have the ability to switch between different classes within the Canoe 'GO CANADA!' Fund Corp. portfolio of funds on a tax deferred basis, providing investors with investment flexibility and diversification opportunities.

Additional details about the differences between the Fund and Canoe 'GO CANADA!' Equity Income Class and details of the proposed merger will be contained in a management information circular which is expected to be mailed in late November. The circular will also be available on www.sedar.com and posted on Canoe Financial's website. Unitholders of the Fund are encouraged to read the circular in its entirety and consult with their investment advisors regarding the proposed merger. The board of directors of Canoe Financial has approved the proposed merger. Subject to receipt of unitholder and regulatory approval, units of the Fund will be delisted from the TSX on or about December 13, 2012. The merger is anticipated to occur on or about December 18, 2012.

Unitholders of the Fund may surrender their units for redemption during the period from November 1, 2012 until 5:00 p.m. (Toronto time) on November 16, 2012. Any units surrendered for redemption during this period will be redeemed at an amount per unit equal to 100% of their net asset value per unit on November 30, 2012, less any costs and expenses incurred by the Fund in funding the redemption.

Important information for non-residents: unitholder accounts which are deemed to be non-resident of Canada may not be allowed to hold shares of Canoe 'GO CANADA!' Equity Income Class following the merger where the holding of such shares could be detrimental to the fund and accordingly may be redeemed immediately prior to or shortly after the merger is completed.

OCTOBER 2012 DISTRIBUTION

The monthly distribution of $0.06 per unit will be paid on November 15, 2012 to unitholders of record on October 31, 2012. The ex-distribution date for this payment is October 29, 2012.

About Canoe Financial LP

Canoe Financial is an investment management firm focused on building financial wealth for Canadians through investing in Canada. Its 'GO CANADA!' investment thesis reflects Canoe's strategic confidence in Canada as a place to invest. With continued global urbanization, increasing worldwide demand for resources, and Canada's sound fiscal structure, Canoe believes this country provides long-term growth potential for investors.

Canoe is one of Canada's fastest-growing investment fund companies and currently manages approximately $1.8 billion in assets through its investment products. To learn more about Canoe Financial, visit www.canoefinancial.com.

Forward Looking Statement: Certain statements included in this news release constitute forward looking statements which reflect Canoe Financial's current expectations regarding future results or events. Words such as "may," "will," "should," "could," "anticipate," "believe," "expect," "intend," "plan," "potential," "continue" and similar expressions have been used to identify these forward-looking statements. Forward-looking statements involve significant risks and uncertainties and a number of factors could cause actual results to materially differ from expectations discussed in the forward looking statements including, but not limited to, changes in general economic and market conditions and other risk factors. Although the forward-looking statements are based on what Canoe Financial believes to be reasonable assumptions, we cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the current date and we assume no obligation to update or revise them to reflect new events or circumstances.

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.