Purpose Investments Announces Exercise of Over-Allotment Option of the Second Treasury Offering for U.S. Banks Income & Growth Fund

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TORONTO, June 22, 2016 /CNW Telbec/ - Purpose Investments Inc. ("Purpose"), on behalf of the U.S. Banks Income & Growth Fund (the "Fund"), is pleased to announce that the Fund has issued, pursuant to the exercise of the over-allotment option (the "Over-Allotment Option") by the syndicate of agents, an additional 8,200 Class T Units at $9.69 per Class T Unit for gross proceeds of $79,458. The Class T Units are listed on the Toronto Stock Exchange under the symbol PUB.UN.

The Fund completed its second treasury offering of Units on June 8, 2016 through the issuance of Class A2 Units and Class T Units for gross proceeds of approximately $5.9 million.  The aggregate gross proceeds from the second treasury offering, including the Over-Allotment Option, total approximately $6.0 million.

The syndicate of agents for the offering was led by National Bank Financial Inc. and which includes BMO Capital Markets, CIBC, Scotiabank, GMP Securities L.P., Canaccord Genuity Corp., Desjardins Securities Inc., Industrial Alliance Securities Inc., Raymond James Ltd., Mackie Research Capital Corporation and Manulife Securities Incorporated.

About the Fund

The Fund uses the Unit Traded Fund (UTF) structure which has been developed to accomplish two goals, namely (a) to enable the Fund to invest virtually all of the gross proceeds from the offering in its investment portfolio, and (b) to encourage the Fund's Class T Units to trade in the market at a price not less than 98.50% of their net asset value throughout the life of the Fund.

The Fund's investment objectives are to (i) maximize total return through capital appreciation and distributions; and (ii) provide holders of Units with monthly cash distributions. To achieve its investment objectives, the Fund invests in a portfolio comprised primarily of equity securities from a universe of financial sector securities listed in the U.S., including but not limited to commercial banks and industrial banks, and financial services companies such as insurance companies.

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 approximately $1.9 billion in assets under management and currently offers 18 exchange traded funds and mutual funds and 5 closed-end funds across multiple asset classes and both traditional and alternative investment strategies.

Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total return and the cumulative total return including changes in share value and reinvestment of all dividends and does not take into account sales, redemptions, distributions or optional charges or income taxes payable by any shareholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

SOURCE U.S. Banks Income & Growth Fund

Dan Rubin, Vice President, Marketing, Purpose Investments Inc., Tel: [phone], Email: [email protected]