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CALGARY, Alberta, May 22, 2018 (GLOBE NEWSWIRE) -- Canoe EIT Income Fund (the “Fund”) (TSX:EIT.UN) (TSX:EIT.PR.A) (TSX:EIT.PR.B) is pleased to announce that it has completed amendments to its Premium Distribution™, Distribution Reinvestment and Optional Cash Purchase Plan (the “DRIP” or the “Plan”). The Plan has been amended to provide that the purchase price for units of the Fund (the “Units”) issued pursuant to the optional cash payment component of the Plan shall be at the greater of either the net asset value per Unit on the applicable distribution date, or if the net asset value is less than 95% of the average market price (as such term is defined in the DRIP), at a discount of up to 5% of the average market price on the applicable distribution date.

The optional cash component of the Plan was also amended to allow participants to purchase additional Units for the first 11 months of any financial year, up to the greater of (a) $100,000 per month, or (b) after giving effect to the total number of Units purchased by any participants in any one month, 1/12^th of maximum number of Units permitted by applicable law and regulatory policies to be sold pursuant to the optional cash component of the Plan (the “Maximum Monthly Contribution Amount”), which as of the date hereof is equal to 2% of the number of Units outstanding at the start of the financial year (the “Maximum Contribution Amount”). 

For the last month of the applicable financial year, there is no maximum number of Units participants shall be permitted to purchase pursuant to the optional cash component of the Plan, subject to the Maximum Contribution Amount.  The plan agent will, in respect of any distribution date on which the Monthly Maximum Contribution Amount or Maximum Contribution Amount, as applicable, would otherwise be exceeded, purchase the maximum number of Units as would be within such limits and will allocate on a pro rata basis such purchased Units to participants who have made optional cash payments in respect of such distribution date, and will thereafter return any remaining optional cash payments to the appropriate participants.

The amendments to the Plan are effective for the Fund’s distribution payable to Unitholders of record on May 23, 2018.

For further information on the Fund’s DRIP, including a complete copy of the amended and restated DRIP, please contact our Investor Relations Department.

About the Fund

The Fund is one of Canada’s largest, diversified closed-end investment funds and is listed on the Toronto Stock Exchange under the symbols EIT.UN, EIT.PR.A and EIT.PR.B. The Fund is actively managed and invests in a diversified portfolio of income-generating and capital growth-oriented securities.  The Fund is designed to maximize distributions and net asset value for the benefit of its Unitholders.  The Fund is managed by Robert Taylor, Senior Vice President and Portfolio Manager of Canoe Financial LP.

About Canoe Financial LP

Canoe is one of Canada’s fastest growing independent mutual fund companies managing over $4.6 billion in assets across a diversified range of award-winning mutual funds, flow-through limited partnerships and private energy equity products. Founded in 2008, Canoe Financial LP is an employee-owned investment management firm focused on building financial wealth for Canadians. Canoe has expanded from its Calgary head office to across Canada, including offices in Toronto, Vancouver, Winnipeg, Ottawa and Montreal.

Further Information

Investor Relations
Canoe Financial LP
1–877–434–2796
info@canoefinancial.com

The Fund makes monthly distributions of an amount comprised in whole or in part of return of capital (ROC) of the net asset value per unit. A ROC reduces the amount of your original investment and may result in the return to you of the entire amount of your original investment. ROC that is not reinvested will reduce the net asset value of the Fund, which could reduce the Fund’s ability to generate future income. You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution.

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the information filed about the Fund on www.sedar.com before investing. Investment funds are not guaranteed and past performance may not be repeated.

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.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.