Wednesday June 22nd, 2016
Purpose Investments Inc. (“Purpose”), on behalf of the U.S. Banks Income & Growth Fund (the “Fund”), is pleased to announce that the Fund has issued, pursuant to the exercise of the over-allotment option (the “Over-Allotment Option”) by the syndicate of agents, an additional 8,200 Class T Units at $9.69 per Class T Unit for gross proceeds of $79,458. The Class T Units are listed on the Toronto Stock Exchange under the symbol PUB.UN.
The Fund completed its second treasury offering of Units on June 8, 2016 through the issuance of Class A2 Units and Class T Units for gross proceeds of approximately $5.9 million. The aggregate gross proceeds from the second treasury offering, including the Over-Allotment Option, total approximately $6.0 million.
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.