Canoe EIT Income Fund Announces Overnight Offering

Not for distribution to U.S. Newswire Services or for dissemination in the United States.

CALGARY, Alberta, Nov. 01, 2018 (GLOBE NEWSWIRE) -- Canoe EIT Income Fund (the "Fund") (TSX: EIT.UN) (TSX: EIT.PR.A) (TSX: EIT.PR.B) is pleased to announce it will undertake an offering of Units of the Fund (the "Units"). The offering will be led by National Bank Financial Inc., CIBC Capital Markets and Scotiabank.

The Units will be offered at a price of $11.18 per Unit to yield 10.7%. The closing price on the TSX of the Units on October 31, 2018 was $11.21.

The Fund intends to use the proceeds from the offering in accordance with the investment objectives and investment strategies of the Fund, subject to the investment restrictions of the Fund.

The Fund's regular monthly distribution of $0.10 per unit for unitholders of EIT.UN units remains unchanged. The Fund has maintained the $0.10 per unit monthly distribution since August 2009, through varying market conditions. The Fund's annual voluntary redemption feature for unitholders of EIT.UN units remains unchanged.

The sales period for the overnight offering will end at 9:00 a.m. EST on November 2, 2018. The offering is expected to close on or about November 9, 2018 and is subject to certain closing conditions, including approval by the Toronto Stock Exchange.

A prospectus supplement to the Fund's short form base shelf prospectus dated October 25, 2018 containing important information about the Units being offered will be filed with the securities commissions or similar authorities in all of the provinces and territories of Canada. Copies of the prospectus supplement and the short form base shelf prospectus may be obtained from your registered financial advisor using the contact information for such advisor, or from representatives of the agents listed above. There will not be any sale or any acceptance of an offer to buy the securities being offered until the prospectus supplement has been filed with the securities commissions or similar authorities in each of the provinces and territories of Canada.

The Units have not been, nor will be, registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to U.S. persons absent registration or applicable exemption from the registration requirement of such Act and applicable state securities laws. This news release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under the securities laws of any such jurisdiction.

About the Fund

The Fund is one of Canada's largest, diversified closed-end investment funds and is listed on the TSX under the symbol EIT.UN. The Fund is actively managed and invests in a diversified portfolio of income-generating and capital growth-oriented securities listed primarily on the TSX. The Fund is designed to maximize distributions and net asset value for the benefit of its unitholders. The Fund is managed by Robert Taylor, Senior Vice President and Portfolio Manager of Canoe Financial LP.

About Canoe Financial LP

Canoe is one of Canada's fastest growing independent mutual fund companies managing $4.5 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, and Montreal.

Further Information

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