International Clean Power Dividend Fund Announces Exchange Ratios

CALGARY, Alberta, March 09, 2021 (GLOBE NEWSWIRE) — Middlefield Group, on behalf of International Clean Power Dividend Fund (the “Fund”), is pleased to announce the exchange ratios for the exchange offer by the Fund (the “Exchange Option”) being made under the final prospectus of the Fund dated February 11, 2021.The Fund’s investment objectives are to provide holders of units of the Fund (“Units”) with:through a diversified, actively managed portfolio comprised primarily of dividend paying securities of international issuers focused on, involved in, or that derive a significant portion of their revenue from renewable power and related sectors (collectively, “Clean Power Issuers”). The advisor believes that Clean Power Issuers will generate attractive risk-adjusted returns for the Fund due to the increasing demand for renewable power stemming from the ongoing reduction in cost associated with renewable power as well as the growing political, corporate and societal support for renewable power. The Advisor believes that these factors will drive ongoing and increasing levels of investor interest in renewable power and related sectors for decades to come. In addition, the Advisor will integrate environmental, social and governance considerations to complement fundamental analysis in selecting Clean Power Issuers it believes have sustainable competitive advantages.The initial target distribution yield for the Fund is 5% per annum based on the original subscription price (or $0.04167 per unit per month or $0.50 per unit per annum).The number of Units issuable for each class of security of an Exchange Eligible Issuer (as listed below) (the “Exchange Ratio”) has been determined by dividing the weighted average trading price of such security on the Toronto Stock Exchange (or such other exchange or market on which such security is then listed) during the period of five consecutive trading days ending on March 9, 2021 (the “Pricing Period”), as adjusted to reflect distributions declared by any Exchange Eligible Issuer that will not be received by the Fund, by $10.00. The Exchange Ratio for any such securities that do not trade in Canadian dollars was determined by converting the weighted average trading price on the applicable exchange of such securities into Canadian dollars based on today’s Bank of Canada daily exchange rate. 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 distributions in respect of such securities of Exchange Eligible Issuers that are declared up to but not including such date. Each Exchange Ratio will be rounded down to five decimal places. All prices are in Canadian Dollars.The table below sets out the Exchange Eligible Issuers, the securities of which may be accepted by the Fund pursuant to the Exchange Option, including the name of the Exchange Eligible Issuer, its ticker symbol, its CUSIP number, its ISIN, its volume weighted average trading price during the Pricing Period and the Exchange Ratio.
The syndicate of agents is being co-led by CIBC Capital Markets and RBC Capital Markets, and includes BMO Capital Markets, Scotiabank, TD Securities Inc., Canaccord Genuity Corp., iA Private Wealth Inc., National Bank Financial Inc., Raymond James Ltd., Richardson Wealth Limited, Manulife Securities Incorporated, Hampton Securities Limited, Middlefield Capital Corporation, Echelon Wealth Partners Inc. and Mackie Research Capital Corporation.For further information, please visit our website at www.middlefield.com or contact Nancy Tham or Michael Bury in our Sales and Marketing Department at 1.888.890.1868.This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from your IIROC registered financial advisor using the contact information for such advisor. Investors should read the prospectus before making an investment decision.