TORONTO , Aug. 13, 2013 /CNW/ - Middlefield Group, on behalf of MINT Income Fund (the "Fund"), is pleased to announce that it has closed the exchange and cash offering (the "Offering") of class A units ("Class A Units") raising gross proceeds of $65 million .
The Class A Units have similar attributes as the Fund's existing class of trust units (the "Existing Units") except that (i) the Class A Units are not eligible to be surrendered for the annual redemption in November 2013 , and (ii) the Class A Units will be converted into Existing Units automatically as of November 15, 2013 on a one-for-one basis. Accordingly, all Class A Units and Existing Units (collectively, the "Units") will have the same investment objectives, strategy, guidelines and portfolio, which is comprised primarily of equity income securities, as well as the same net asset value per Unit.
The net proceeds of the Offering will be invested by the Fund in accordance with its investment objectives which include (i) a high level of sustainable income distributed monthly over the life of the Fund (currently targeted to be $0.06 per Unit per month, or $0.72 per Unit per annum); (ii) a cost-effective method of reducing the risk of investing in high income securities; and (iii) the potential for capital appreciation by investing in an actively managed, diversified portfolio comprised primarily of high yielding equity securities.
Existing Units and Class A Units trade under the Toronto Stock Exchange symbols "MID.UN" and "MID.A" respectively.
The agents for this Offering were Canaccord Genuity Corporation and Middlefield Capital Corporation.
Certain statements in this press release may constitute forward-looking information, including statements regarding cash-on-cash yield. Forward-looking statements are subject to various risks and uncertainties that could cause estimates to differ materially from the expectations expressed, including the risk that the per Unit distributions may decrease below the amount used in calculating the yield, which could occur for various reasons beyond the control of the Fund such as a decrease in the distributions paid by the issuers of securities included in the Fund's portfolio or a change in general economic conditions. The forward-looking information contained in this press release constitutes the Fund's current estimate, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents the Fund's estimate as of any date other than the date of this press release.
SOURCE: MINT Income Fund
- Investment & Company Information
For further information, please visit our website at www.middlefield.com or contact Nancy Tham, Managing Director, Sales and Marketing at 416.847.5349 or 1.888.890.1868.