Purpose Investments Inc.

Purpose Investments Inc.
Energy Credit Opportunities Income Fund

June 19, 2015 08:32 ET

Purpose Investments Completes Initial Public Offering for the Energy Credit Opportunities Income Fund

TORONTO, ONTARIO--(Marketwired - June 19, 2015) -

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

Purpose Investments Inc. ("Purpose") is pleased to announce the closing of its initial public offering (the "Offering") for the Energy Credit Opportunities Income Fund (the "Fund"). Pursuant to the Offering, the Fund issued an aggregate of 3,000,000 million Class A units (the "CAD Units") and 500,000 Class U units (the "USD Units, collectively with the CAD Units the "Units") at $10.00 per CAD Unit and U.S. $10.00 per USD Unit, for gross proceeds of approximately $30,000,000 million and U.S. $5,000,000 million. The Fund has granted to the agents of the Offering an over-allotment option to acquire up to an additional 15% of CAD Units or USD Units issued at a price of $10.00 per CAD Unit and U.S. $10.00 per USD Unit, respectively, exercisable at any time during the next thirty days. The CAD Units and the USD Units are listed on the Toronto Stock Exchange under the symbol PCF.UN and PCF.U, respectively. The Fund will be managed by Purpose, who has retained Lazard Asset Management LLC to provide portfolio advisory services to the Fund.

The Fund's investment objectives are: (i) to provide holders of Units ("Unitholders") with a stable stream of monthly distributions; and (ii) to provide Unitholders with the opportunity for growth in the net asset value per Unit.

The initial distribution target for the Fund is $0.050 per CAD Unit and U.S. $0.050 per USD Unit per month ($0.60 per annum and U.S. $0.60 per annum, respectively, representing an annual cash distribution of 6.0% based on the $10.00 per CAD Unit and U.S. $10.00 per USD Unit issue price).

The Offering is being made on a best efforts agency basis in each of the provinces and territories in Canada through a syndicate of investment dealers co-led by RBC Capital Markets and CIBC, and including TD Securities Inc., BMO Capital Markets, National Bank Financial Inc., Scotiabank, GMP Securities L.P., Canaccord Genuity Corp., Raymond James Ltd., Desjardins Securities Inc., Burgeonvest Bick Securities Ltd., Dundee Securities Ltd., Global Securities Corp., Mackie Research Capital Corp., and Manulife Securities Inc.

A final prospectus containing important information relating to these securities has been filed with the securities commissions or similar authorities in each of the provinces and territories of Canada. Copies of the final prospectus may be obtained from one of the agents noted above. Investors should read the final prospectus before making an investment decision.

About Purpose Investments

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 over $1.3 billion in assets under management and currently offers 13 exchange traded funds and mutual funds and two closed-end funds across multiple asset classes and both traditional and alternative investment strategies.

Purpose is the manager of NexC Partners Corp. (NXC), an investment corporation which invests in a portfolio of North American dividend-paying equity securities, plus owns an equity stake in Purpose.

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