Purpose Investments Inc. Announces Termination of Canadian Investment Grade Preferred Share Fund (RIGP.UN)

TORONTO, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Purpose Investments Inc. ("Purpose") announced today that it will terminate Canadian Investment Grade Preferred Share Fund (Cboe Canada Ticker: RIGP.UN) (the "Fund") and will redeem all of the issued and outstanding Class T Units (the "Units") of the Fund in accordance with the terms of the Fund's amended and restated declaration of trust. It is anticipated that the termination will occur on or about August 29, 2023 (the "Termination Date"). Purpose is the trustee and manager of the Fund.

The decision to close the Fund was driven primarily by the Fund's relatively low assets under management and the costs associated with maintaining a fund of this size. Such factors have made it difficult to efficiently manage the Fund in accordance with its intended investment objectives. As a result, the termination, in the view of Purpose, is in the best interests of unitholders.

The redemption price payable for the Units will be an amount equal to the net asset value per Unit on the Termination Date and will be payable to unitholders on or before September 1, 2023.

It is anticipated that the Units will be voluntarily delisted from Neo Exchange Inc. (operating as Cboe Canada) on or about August 25, 2023, at the close.

As stated above, the effective date of termination of the Fund is expected to be on or about August 29, 2023. If you still hold a position in the Fund at 4:00 pm EST on the Termination Date, your position in the Fund will be liquidated, with the proceeds either deposited into your account or a cheque mailed directly to you or to your dealer, nominee or intermediary, depending on your account registration. If you hold Units, there may also be tax implications to any disposition of your holdings. We strongly urge unitholders to contact their financial advisors to discuss the financial and tax implications associated with a redemption of their units and the termination.

About Purpose Investments
Purpose Investments is an asset management company with more than $17 billion under management. Purpose Investments has an unrelenting focus on client-centric innovation, and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

For further information please contact:
Keera Hart
[email protected]
905-580-1257

Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. The prospectus contains important detailed information about the investment fund. Please read the prospectus before investing. There is no assurance that any fund will achieve its investment objective, and its net asset value, yield, and investment return will fluctuate from time to time with market conditions. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

This press release is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. This press release is not for dissemination in the United States or for distribution to US news wire services.