Mulvihill announces closing of warrant offerings

TORONTO, April 12 /CNW/ - (TSX: SBN, SBN.PR.A; FPI.UN; WFS, WFS.PR.A) - Mulvihill Fund Services Inc. is pleased to announce the completion of warrant offerings for three of its funds under management. Gross proceeds from the exercise of warrants under all three offerings totalled over $38 million. Exercises were spread among the funds as follows:

    
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         Fund             Ticker      Securities Issued      Gross Proceeds
    -------------------------------------------------------------------------
    S Split Corp.        SBN       1,292,700 Class A Shares  $24.24 million
                         SBN.PR.A  and 1,292,700 Preferred
                                   Shares
    -------------------------------------------------------------------------
    First Premium Income FPI.UN    200,065 Units             $2.26 million
    Trust (operating as
    Mulvihill Premium
    Canadian Fund)
    -------------------------------------------------------------------------
    World Financial      WFS       898,716 Class A Shares    $11.81 million
    Split Corp.          WFS.PR.A  and 898,716 Preferred
                                   Shares
    -------------------------------------------------------------------------
    

The net proceeds from the warrant offerings will provide the funds with additional capital that can be used to take advantage of attractive investment opportunities. The exercise of the warrants is also expected to increase the trading liquidity of the outstanding securities of the funds and to reduce the management expense ratios of the funds.

For further information: John Mulvihill, President and CEO; John Germain, Senior Vice-President; Sheila Szela, Vice-President, Finance and CFO, Mulvihill Structured Products, A member of the Mulvihill Capital Management Inc. Group of Funds, 121 King Street West, Suite 2600, Toronto, Ontario, M5H 3T9, [phone], [phone], www.mulvihill.com, [email protected]