Not for dissemination to U.S. Newswire Services or for dissemination in the United States of America
TORONTO, Nov. 06, 2017 (GLOBE NEWSWIRE) -- Energy Credit Opportunities Income Fund (the “Fund”) (TSX:PCF.UN) (TSX:PCF.U) will hold a special meeting of the unitholders on December 11, 2017 to approve the conversion of the Fund from a closed-end fund to an actively managed open-end fund with ETF and mutual fund units (the “ETF Conversion”) to be renamed Redwood Energy Credit Fund (the “ETF”) or such other name as Redwood Asset Management Inc. (“Redwood”), a wholly owned subsidiary of Purpose Investments Inc. (“Purpose”), may determine in its discretion. The Fund will expand its investment strategies and reduce the management fees. The Fund will also make certain other organizational changes in connection with the ETF Conversion.
The implementation of the ETF Conversion is subject to certain third-party and regulatory approvals, including obtaining a receipt for the final simplified prospectus of the exchange-traded fund. Purpose will issue a press release announcing the effective date of the ETF Conversion after the required approvals have been obtained.
The details of the ETF Conversion are described in a management information circular that will be mailed to unitholders of record as of November 7, 2017.
About Purpose Investments Inc.
Purpose Investments is an asset management firm inspired by the belief that all investors should have access to great investment products along with low fees. Purpose believes in focusing first on managing risk and creating value that is currently missing from the marketplace, thus empowering all Canadians to be better investors. Purpose has over $3.5 billion in assets under management and currently offers 35 exchange traded funds and mutual funds and 7 closed-end funds across multiple asset classes and both traditional and alternative investment strategies. Redwood Asset Management, a wholly owned subsidiary of Purpose, is a Toronto-based investment fund manager focused on delivering unique investment solutions managed by boutique global investment managers to Canadian investors.
For further information please contact:
Nancy Turner
Purpose Investments Inc.
Tel: (877) 789-1517
Email: info@purposeinvest.com
Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.