Canoe Financial Renews At-The-Market Equity Program for Canoe EIT Income Fund

Not for distribution to U.S. Newswire Services or for dissemination in the United States.

CALGARY, Alberta, Nov. 30, 2020 (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 is renewing its at-the-market equity program (the “ATM Program”) that currently allows the Fund to issue up to $200,000,000 of units of the Fund (the “Units”) to the public from time to time, at the discretion of Canoe Financial LP (the “Manager”). Any ATM Program Units issued will be sold at the prevailing market price at the time of sale through the Toronto Stock Exchange (the “TSX”) or any other marketplace in Canada on which the Units are listed, quoted or otherwise traded.

The volume and timing of distributions under the ATM Program, if any, will be determined at the Manager’s sole discretion. The ATM Program will be effective until December 25, 2022 unless terminated prior to such date by the Fund. The Fund intends to use the proceeds from the ATM Program in accordance with the Fund’s investment objectives and strategies, subject to the Fund’s investment restrictions.

The Fund’s regular monthly distribution of $0.10 per Unit remains unchanged. The Fund has maintained the $0.10 per Unit monthly distribution since August 2009, through varying market conditions. The Fund’s annual voluntary redemption feature for unitholders also remains unchanged.

Sales of the Units through the ATM Program will be made pursuant to the terms of an equity distribution agreement dated November 27, 2020 with National Bank Financial Inc. (the “Agent”).

Sales of Units will be made by way of “at-the-market distributions” as defined in National Instrument 44-102 Shelf Distributions on the TSX or on any marketplace for the Units in Canada. Since the Units will be distributed at prevailing market prices at the time of the sale, prices may vary among purchasers during the period of distribution. In order to ensure that the price at which the Units are sold under the ATM Program is at least equal to the most recent net asset value per Unit, the Manager may make voluntary cash contributions per Unit to the Fund depending on the price at which Units are sold during the period of any distribution. The ATM Program is being offered pursuant to a prospectus supplement dated November 27, 2020 to the Fund’s short form base shelf prospectus dated November 25, 2020. Copies of the prospectus supplement and the short form base shelf prospectus may be obtained from your registered financial advisor using the contact information for such advisor, or from representatives of the Agent, and are available on SEDAR at www.sedar.com.