Canoe EIT Income Fund Announces 2018 Voluntary Cash Redemption

CALGARY, Alberta, Oct. 15, 2018 (GLOBE NEWSWIRE) -- Canoe EIT Income Fund ("Canoe" or the "Fund")(TSX - EIT.UN) today announced the 2018 voluntary cash redemption.

Voluntary Annual Cash Redemption
The redemption date for the Fund's annual voluntary cash redemption will be December 7, 2018.  Unitholders are entitled to redeem units of the Fund at a price equal to 95% of the Average Net Asset Value (NAV) of the three trading days preceding the December 7, 2018 redemption date, less direct costs.  Direct costs are expected to be less than 1%.  If all redemption requests exceed 10% of the aggregate outstanding units of the Fund on November 16, 2018, the final day to submit units for redemption, the Fund will process redemptions to this maximum on a pro-rata basis based on the total number of units tendered. Payment for units that have been tendered and accepted for redemption will be made on or before January 2, 2019.

Unitholders wishing to redeem their units must provide notice of their intent to do so with their investment advisor or brokerage office no later than November 16, 2018.  Please note that investment firms may impose an earlier deadline in order to facilitate the processing of redemption requests.  Unitholders are strongly urged to consult their investment advisor or brokerage office directly to confirm their internal deadlines.  Registered unitholders (those who hold a physical share certificate in their name) should contact the Fund's transfer agent, Alliance Trust Company, at 403-237-6111 to redeem their units.  Units that have been submitted for redemption will remain eligible for the October 2018 and November 2018 distributions, which are paid in November 2018 and December 2018, respectively. 

Please note that any redemption requests made by non-resident unitholders may be subject to withholding tax.

Optional Cash Purchase (OCP) Component
The Manager has determined that in the last two months of the current financial year, there shall be no maximum on the optional cash payments of Participants in the OCP Component; provided that the Fund may not issue or sell pursuant to the OCP Component, more than the maximum number of Units permitted by applicable laws and regulatory policies in any financial year.

In order for an optional cash payment to be invested in units on November 15^th under the OCP Component, the Plan Agent must receive a duly completed OCP Form and accompanying cheque not later than 5:00 pm EST two business days (October 18, 2018) preceding the record date (October 22, 2018).  In order for an optional cash payment to be invested in units on December 14^th under the OCP Component, the Plan Agent must receive a duly completed OCP Form and accompanying cheque not later than 5:00 pm EST two business days (November 20, 2018) preceding the record date (November 22, 2018).

Please note that eligible Unitholders who wish to purchase additional Units pursuant to the OCP Component should contact the broker, investment dealer, financial institution or other nominee who hold their Units to provide instructions with respect to the OCP Component and to inquire about any applicable deadlines that the nominee may impose or be subject to under the policies of that nominee or the CDS depository system.

For further information on the OCP Component, including a complete copy of the Plan, please visit our website or call our Investor Relations Department.

About the Fund
One of Canada's largest closed-end investment funds, designed to maximize monthly distributions and capital appreciation by investing in a broadly diversified portfolio of high quality securities. The Fund is listed on the TSX under the symbol EIT.UN and is actively managed by Robert Taylor, Senior Vice President and Portfolio Manager of Canoe Financial.

About Canoe Financial
Canoe is one of Canada's fastest growing independent mutual fund companies managing over $4.8 billion in assets across a diversified range of award-winning mutual funds 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 offices in Calgary, Toronto, Vancouver, Winnipeg, Ottawa and Montreal.

For further information, please contact:
Investor Relations
Canoe Financial LP
1?877?434?2796
www.canoefinancial.com
[email protected]

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States of America.

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.