Harvest Canadian Consolidated Energy Fund Announces Exchange Ratios

OAKVILLE, ON, Nov. 22, 2019 /CNW/ - Harvest Portfolios Group Inc. (the "Manager"), on behalf of Harvest Canadian Consolidated Energy Fund (the "Fund"),  is pleased to announce the exchange ratios for the exchange offer by the Fund (the "Exchange Option") being made under the preliminary prospectus of the Fund dated October 29, 2019. 

The Fund's investment objectives are to provide Unitholders with: (i) quarterly cash distributions; and (ii) the opportunity for capital appreciation through investments primarily in listed Equity Securities of companies operating in the Canadian Energy Universe.

In selecting the Canadian Energy Issuers from the Canadian Energy Universe, the Manager may give consideration to: (i) each issuer's fundamental balance sheet position; (ii) each issuer's opportunity for financial growth; (iii) production costs for commodity producing issuers; (iv) the experience of the issuer's management team; (v) oil and natural gas production allocation; and (vi) overall portfolio energy sub-sector diversity. Approximately 80% of the Fund's net assets will be invested in up to 19 Canadian Energy Issuers on an equal-weight basis (the "Canadian Portfolio") and approximately, but not more than, 20% of the Fund's net assets will be invested in the U.S. dollar denominated units of the Harvest Energy Leaders Plus Income ETF in order to gain exposure primarily to global Energy Issuers. The Canadian Portfolio will be reconstituted and rebalanced within 30 days following the end of each calendar quarter following March 31, 2020.

The Manager will be responsible for the execution of the Fund's overall investment strategy, including managing the composition of the Portfolio.

The initial quarterly cash distribution target for the Fund is $0.12 per Unit per quarter ($0.48 per annum), representing an annual cash distribution of 4% based on the per Unit issue price.

The number of Units issuable for each security of an Exchange Eligible Issuer (the "Exchange Ratio") was determined by dividing the volume weighted average trading price of such securities on the TSX or other applicable exchange during the period of three consecutive trading days ending on and including November 22, 2019 (the "Pricing Period"), as adjusted to reflect dividends or distributions declared by the applicable Exchange Eligible Issuer that will not be received by the Fund, by $12.00.  Holders of securities of Exchange Eligible Issuers who deposited such securities pursuant to the Exchange Option will continue to be holders of record up to but not including the date of the closing of the offering of Units and will be entitled to receive dividends or distributions in respect of such securities of Exchange Eligible Issuers that are declared up to but not including such date. Each Exchange Ratio was rounded down to five decimal places. Fractional Units will not be issued by the Fund. Allocation of cash in respect of fractional Units to purchasers who have authorized the deposit of Exchange Eligible Securities through CDS will be at the discretion of the CDS Participant.

The table below sets out the name of the Exchange Eligible Security, ticker symbol, CUSIP number, ISIN, the volume weighted average trading price and the Exchange Ratio during the Pricing Period.

All capitalized terms used but defined herein are as defined in the preliminary prospectus.

Exchange Eligible Securities	Ticker Symbol	CUSIP Number	ISIN	Volume Weighted Average Trading Price	Exchange Ratio
Advantage Oil & Gas Ltd.	AAV	00765F101	CA00765F1018	$2.2750	0.18958
Africa Oil Corp.	AOI	00829Q101	CA00829Q1019	$1.2318	0.10265
AltaGas Ltd.	ALA	021361100	CA0213611001	$20.0048	1.66706
ARC Resources Ltd.	ARX	00208D408	CA00208D4084	$6.3434	0.52861
Athabasca Oil Corporation	ATH	04682R107	CA04682R1073	$0.3645	0.03037
Baytex Energy Corp.	BTE	07317Q105	CA07317Q1054	$1.5090	0.12575
Birchcliff Energy Ltd.	BIR	090697103	CA0906971035	$2.0411	0.17009
Bonavista Energy Corporation	BNP	09784Y108	CA09784Y1088	$0.4894	0.04078
Bonterra Energy Corp.	BNE	098546104	CA0985461049	$2.9593	0.24660
Calfrac Well Services Ltd.	CFW	129584108	CA1295841086	$0.9385	0.07820
Canacol Energy Ltd.	CNE	134808203	CA1348082035	$4.5652	0.38043
Canadian Natural Resources Limited	CNQ	136385101	CA1363851017	$36.9636	3.08030
Cardinal Energy Ltd.	CJ	14150G400	CA14150G4007	$1.9552	0.16293
Cenovus Energy Inc.	CVE	15135U109	CA15135U1093	$11.9217	0.99347
CES Energy Solutions Corp.	CEU	15713J104	CA15713J1049	$1.9012	0.15843
Crescent Point Energy Corp.	CPG	22576C101	CA22576C1014	$5.1211	0.42675
Crew Energy Inc.	CR	226533107	CA2265331074	$0.4101	0.03417
CWC Energy Services Corp.	CWC	12671H105	CA12671H1055	$0.0941	0.00784
Enbridge Inc.	ENB	29250N105	CA29250N1050	$50.0158	4.16798
Encana Corporation	ECA	292505104	CA2925051047	$5.4696	0.45580
Enerflex Ltd.	EFX	29269R105	CA29269R1055	$11.6599	0.97165
Enerplus Corporation	ERF	292766102	CA2927661025	$8.3042	0.69201
Ensign Energy Services Inc.	ESI	293570107	CA2935701078	$2.3556	0.19630
Falcon Oil & Gas Ltd.	FO	306071101	CA3060711015	$0.2197	0.01830
Freehold Royalties Ltd.	FRU	356500108	CA3565001086	$6.6599	0.55499
Frontera Energy Corporation	FEC	35905B107	CA35905B1076	$9.5488	0.79573
Gear Energy Ltd.	GXE	36830P104	CA36830P1045	$0.3887	0.03239
Gibson Energy Inc.	GEI	374825206	CA3748252069	$25.2300	2.10250
High Arctic Energy Services Inc.	HWO	429644206	CA4296442060	$1.8836	0.15696
Husky Energy Inc.	HSE	448055103	CA4480551031	$9.6225	0.80187
Imperial Oil Limited	IMO	453038408	CA4530384086	$33.0075	2.75062
Inter Pipeline Ltd.	IPL	45833V109	CA45833V1094	$22.1408	1.84506
Journey Energy Inc.	JOY	48113W102	CA48113W1023	$1.7880	0.14900
Kelt Exploration Ltd.	KEL	488295106	CA4882951060	$3.6241	0.30200
Keyera Corp.	KEY	493271100	CA4932711001	$33.4949	2.79124
Kinder Morgan Canada Limited	KML	494549702	CA4945497028	$14.5194	1.20995
Leucrotta Exploration Inc.	LXE	52728X208	CA52728X2086	$0.5175	0.04312
MEG Energy Corp.	MEG	552704108	CA5527041084	$5.5100	0.45916
NuVista Energy Ltd.	NVA	67072Q104	CA67072Q1046	$2.3575	0.19645
Painted Pony Energy Ltd.	PONY	695779108	CA6957791081	$0.6025	0.05020
Paramount Resources Ltd.	POU	699320206	CA6993202069	$6.0538	0.50448
Parex Resources Inc.	PXT	69946Q104	CA69946Q1046	$19.8601	1.65500
Pason Systems Inc.	PSI	702925108	CA7029251088	$12.6862	1.05718
Pembina Pipeline Corporation	PPL	706327103	CA7063271034	$47.4465	3.95387
Pengrowth Energy Corporation	PGF	70706P104	CA70706P1045	$0.0539	0.00449
PetroTal Corp.	TAL	71677J101	CA71677J1012	$0.3476	0.02896
Peyto Exploration & Development Corp.	PEY	717046106	CA7170461064	$2.9049	0.24207
PHX Energy Services Corp.	PHX	69338U101	CA69338U1012	$2.7404	0.22836
Pipestone Energy Corp.	PIPE	724112107	CA7241121077	$1.3353	0.11127
PrairieSky Royalty Ltd.	PSK	739721108	CA7397211086	$13.7605	1.14670
Precision Drilling Corporation	PD	74022D308	CA74022D3085	$1.3700	0.11416
Razor Energy Corp.	RZE	75525M109	CA75525M1095	$0.8950	0.07458
Secure Energy Services Inc.	SES	81373C102	CA81373C1023	$4.2684	0.35570
Seven Generations Energy Ltd.	VII	81783Q105	CA81783Q1054	$7.4240	0.61866
ShawCor Ltd.	SCL	820439107	CA8204391079	$12.3124	1.02603
STEP Energy Services Ltd.	STEP	85859H105	CA85859H1055	$0.9198	0.07665
Storm Resources Ltd.	SRX	86221R102	CA86221R1029	$1.3171	0.10975
Strad Inc.	SDY	86254Q104	CA86254Q1046	$1.6900	0.14083
Suncor Energy Inc.	SU	867224107	CA8672241079	$41.4364	3.45303
Surge Energy Inc.	SGY	86880Y109	CA86880Y1097	$0.9951	0.08292
Tamarack Valley Energy Ltd.	TVE	87505Y409	CA87505Y4094	$1.7987	0.14989
TC Energy Corporation	TRP	87807B107	CA87807B1076	$67.7737	5.64780
Tidewater Midstream and Infrastructure Ltd.	TWM	886453109	CA8864531097	$1.0197	0.08497
TORC Oil & Gas Ltd.	TOG	890895303	CA8908953034	$3.7407	0.31172
Total Energy Services Inc.	TOT	89154B102	CA89154B1022	$5.7926	0.48271
Tourmaline Oil Corp.	TOU	89156V106	CA89156V1067	$12.9565	1.07970
TransGlobe Energy Corporation	TGL	893662106	CA8936621066	$1.5074	0.12561
Trican Well Service Ltd.	TCW	895945103	CA8959451037	$0.8678	0.07231
Valeura Energy Inc.	VLE	919144402	CA9191444020	$0.7902	0.06585
Vermilion Energy Inc.	VET	923725105	CA9237251058	$19.4490	1.62075
Whitecap Resources Inc.	WCP	96467A200	CA96467A2002	$4.0761	0.33892
Yangarra Resources Ltd.	YGR	98474P501	CA98474P5013	$1.0608	0.08840
iShares S&P/TSX Capped Energy Index ETF	XEG	46428C100	CA46428C1005	$8.5224	0.71020

The syndicate of agents for the offering is being co-led by BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets, Scotiabank, National Bank Financial Inc., and TD Securities Inc., and also includes Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., Desjardins Securities Inc., Echelon Wealth Partners Inc., Industrial Alliance Securities Inc., Mackie Research Capital Corporation, Manulife Securities Incorporated and PI Financial Corp.

For information, please visit www.harvestportfolios.com 

A preliminary prospectus dated October 29, 2019 (the "Prospectus") containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. The Prospectus is still subject to completion or amendment. Copies of the Prospectus may be obtained from any of the agents. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to the Fund or the Manager. The forward-looking statements are not historical facts but reflect the Manager's current expectations regarding future results or events. 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. Although the Manager believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Manager undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

SOURCE Harvest Portfolios Group Inc.

610 Chartwell Road, Suite 204, Oakville, ON L6J 4A5, 1.866.998.8298, www.harvestportfolios.com

Related Links

http://www.harvestportfolios.com/