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TORONTO, Oct. 12, 2023 (GLOBE NEWSWIRE) — Artemis Funding Administration Restricted (“Artemis”), the trustee and supervisor of Vitality Revenue Fund (TSX – ENI.UN) (the “Fund”) is happy to announce a non-brokered non-public placement alternative (the “Non-public Placement”) by means of the issuance of as much as 2,298,851 items (the “Items”) at a worth per Unit of $1.74 for gross proceeds of as much as roughly $4,000,000. The subscription worth displays the Fund’s Web Asset Worth per Unit of $1.74 as of October 05, 2023.
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The meant use of proceeds from the Non-public Placement is to buy further investments, each in new and current Fund positions.
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The Non-public Placement is topic to approval of the Toronto Inventory Trade, and all of the Items of the Fund issued pursuant to the Non-public Placement shall be topic to a four-month maintain interval from the date of issuance. The Non-public Placement is predicted to shut in early November 2023.
The Fund additionally proclaims that it, together with Artemis has determined to name a particular assembly (the “Particular Assembly”) on December 13, 2023. On the Particular Assembly, Unitholders of the Fund shall be requested to vote to approve the next amendments to the declaration of belief (which is obtainable on the Fund’s SEDAR+ profile at https://www.sedarplus.ca/), topic to relevant regulatory approvals and consents that could be required:
- Amend the Fund’s funding technique and goals in order that the Fund shall be even be permitted to spend money on any US listed firm along with the present permitted asset courses.
- Amend the administration payment payable to Artemis to 2 p.c (2%) of common internet asset worth of the Fund per yr plus relevant taxes. Additional, Artemis can be eligible to obtain a efficiency payment of twenty p.c (20%) above an eight p.c (8%) hurdle price on the Fund’s returns. In consideration of those amended and new charges, the Fund will cap the Fund’s complete expense ratio at two and a half p.c (2.5%) (excluding efficiency payment, extra-ordinary bills and taxes) of the Fund’s common internet asset worth of the Fund per yr. (For comparability, as of December 31, 2022, the mixed administration and buying and selling expense ratio of the Fund was 4.61%)
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Discover of the Particular Assembly and knowledge round shall be supplied to Unitholders throughout November 2023.
Cautionary Statements
This press launch incorporates forward-looking statements which replicate the Fund’s present expectations relating to future occasions. The forward-looking statements contain dangers and uncertainties. Precise outcomes might differ materially from these projected herein. Artemis and the Fund disclaim any obligation to replace these forward-looking statements aside from as required by relevant securities legal guidelines.
For additional info, please contact Artemis Funding Administration’s investor relations line at (416) 934-7455 or go to our web site at www.artemisfunds.ca.
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