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