First Asset Announces Approval of Mergers for Convertible Debenture Closed-End Funds

/NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA./

TORONTO, Nov. 1, 2018 /CNW/ - First Asset Investment Management Inc. ("First Asset") announces that the unitholders of each of First Asset Diversified Convertible Debenture Fund (TSX: DCD.UN), First Asset Canadian Convertibles Fund (TSX: ADC.UN) and First Asset North American Convertibles Fund (TSX: NCD.UN) (each, a "Fund and collectively, the "Funds") have approved the merger (each, a 'Merger" and collectively, the "Mergers") of the applicable Fund into First Asset Canadian Convertible Bond ETF (TSX: CXF) (the "Continuing Fund"), pursuant to which all unitholders of that Fund will become holders of common units of the Continuing Fund.  

Unitholders who do not wish to participate in a Merger may redeem their units at net asset value prior to the Merger.  In order to redeem all or a portion of their units, unitholders must inform their broker or other intermediary.  Brokers and other intermediaries must provide final notice of all such redemptions to CDS Clearing and Depository Services Inc. by 5:00 p.m. (Toronto time) on November 14, 2018. Therefore, unitholders who wish to redeem should inform their broker or other intermediary as soon as possible, as such brokers and intermediaries may have cut-off deadlines that are earlier than 5:00 p.m. (Toronto time) on November 14, 2018. 

First Asset currently anticipates that the Mergers will be implemented in December, 2018, and will issue a press release confirming the date of the Mergers once known.  The completion of any Merger is not conditional upon the completion of any other Merger.

Unitholders are not required to take any action in connection with a Merger unless they wish to redeem their units as described above.

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This communication is intended for informational purposes only. Please read the prospectus before investing. Important information about a fund is contained in its prospectus. Individuals should seek the advice of professionals, as appropriate, prior to investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. Commissions, management fees and expenses all may be associated with an investment in the funds. You will usually pay brokerage fees to your dealer if you purchase or sell units of a fund on the TSX. If the units are purchased or sold on the TSX, investors may pay more than the current net asset value when buying units of a fund and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning units of a fund. A fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the fund in these documents.

This press release contains forward-looking statements and information within the meaning of applicable securities legislation. Forward-looking statements can be identified by the expressions "seeks", "expects", "believes", "anticipates", "estimates", "will", "target" and similar expressions. The forward-looking statements are not historical facts but reflect the current expectations of First Asset regarding future results or events and are based on information currently available to them. Certain material factors and assumptions were applied in providing these forward-looking statements. All forward-looking statements in this press release are qualified by these cautionary statements. First Asset believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, First Asset can give no assurance that the actual results or developments will be realized. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. First Asset undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances except as required by securities laws. These forward-looking statements are made as of the date of this press release. ^TMFirst Asset and its logo are trademarks of First Asset Capital Corp., a wholly-owned subsidiary of CI Financial Corp. which is listed on the Toronto Stock Exchange under the symbol "CIX". ^®CI FINANCIAL is a registered trademark of CI Investments Inc., used under license.

SOURCE First Asset

Please call Investor Relations, First Asset at 416-642-1289 or 1‐877‐642‐1289 or visit www.firstasset.com.