Purpose Investments Exercises Over-Allotment of Energy Credit Opportunities Income Fund IPO

July 09, 2015

Energy Credit Opportunities Income Fund (the “Fund”), pursuant to the exercise of the over-allotment option by the syndicate of agents, has issued an additional 60,000 Class A units at CAD 10.00 per unit (the “CAD Units”) and 29,950 Class U units at USD 10.00 per unit (the “USD Units”) for gross proceeds of approximately CAD 600,000 and USD 299,500. The Fund is a closed-end fund created to provide unitholders with a stable stream of monthly distributions and the opportunity for growth in the net asset value per Unit. The CAD Units and the USD Units are both listed on the Toronto Stock Exchange under the symbol PCF.UN and PCF.U, respectively. 

The Fund completed its initial public offering of CAD Units and USD Units on June 19, 2015, through the issuance of an aggregate of 3,000,000 CAD Units at CAD 10.00 per CAD Unit and 500,000 Class U Units at USD 10.00 per USD Unit for gross proceeds of approximately CAD 30.0 million and USD 5.0 million.  

Wildeboer Dellelce LLP acted for Purpose and the Fund in connection with the Offering with a team that included Perry Dellelce, Ronald Schwass, Geoffrey Cher, Danny Kharazmi and Patricia Good (corporate/securities) and Kevin Fritz (tax).