First Asset Announces Results of Shareholder Meetings

/NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA./

TORONTO, Feb. 25, 2016 /CNW/ - First Asset Investment Management Inc. ("First Asset") announces that shareholders of First Asset Core Canadian Equity Income ETF (TSX: CSY), Can-Financials Income Corp. (TSX: FIC.UN) and CanBanc 8 Income Corp. (TSX: CBF) (collectively, the "Funds") today approved a variety of changes which will result, through a corporate amalgamation with First Asset Fund Corp., in shareholders of each Fund becoming shareholders of an exchange traded fund ("ETF") under an umbrella known as a "Corporate Class".  Each Fund will be a separate share class of a single mutual fund corporation but will trade independently under its own ETF ticker symbol, with its own specific investment objectives and referable to a separate portfolio of investments.

First Asset anticipates implementing the amalgamations on or about March 31, 2016, subject to obtaining all necessary regulatory and third party approvals.  Upon the amalgamation the following will occur:

1. First Asset Core Canadian Equity Income ETF will become part of the Corporate Class structure, with its investment objectives, strategies and restrictions unchanged.
2. CanBanc 8 Income Corp. will become part of the Corporate Class structure by merging into First Asset CanBanc Income ETF, an ETF with substantially similar investment objectives and strategies. 
3. Can-Financials Income Corp. will no longer have a final redemption date on or about February 28, 2016, but will instead become part of the Corporate Class structure by merging into a newly formed ETF called First Asset MSCI Canada Quality Index ETF, which will have the investment objectives, strategies and restrictions described in the Circular.

In connection with the amalgamation, Can-Financials Income Corp. will implement a special redemption right.  Shareholders who wish to exercise the redemption right must provide notice by no later than 5 p.m. (EST) on March 4, 2016.  Shareholders are advised to inform their advisor or other intermediary in advance of March 4, 2016 of their desire to redeem their shares as their advisor or other intermediary may have an earlier cut-off deadline.  Shareholders who redeem their shares of Can-Financials Income Corp. will receive the net asset value per share of the Fund on March 7, 2016.  The proceeds of the special redemption will be paid on or before March 11, 2016.

CanBanc 8 Income Corp. will also implement a special redemption right for Shareholders who do not wish to become investors in the Corporate Class structure.  First Asset will issue a press release announcing the details and final timing of this special redemption prior to the implementation of the amalgamations.

First Asset – Smart Solutions^TM
First Asset, a CI Financial Company, is a Canadian investment firm delivering a comprehensive suite of smart ETF solutions. Rooted in strong fundamentals, First Asset's smart solutions strive to deliver better risk-adjusted returns than the broad market, while helping investors achieve their personal financial goals.

^TMFirst Asset and its logo are trademarks of First Asset Capital Corp., a wholly-owned subsidiary of CI Financial Corp. which is listed on the Toronto Stock Exchange under the symbol "CIX".  ®CI FINANCIAL is a registered trademark of CI Investment Inc., used under license.

SOURCE First Asset Close-End Funds

Copyright 2016 Canada NewsWire