TORONTO, September 28, 2010 - CanBanc Income Corp. (the "Corporation") (TSX: "CIC") announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Corporation's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB").
Pursuant to the NCIB, the Fund proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 2,402,700 equity shares ("Shares")of the Corporation, representing approximately 10% of the public float which is the same number as the Corporation's issued and outstanding Shares, being 24,027,000 Shares as of the date hereof. The Corporation will not purchase in any given 30-day period, in the aggregate, more than 480,540 Shares, being 2% of the issued and outstanding Shares as of the date hereof. Purchases of Shares under the NCIB may commence on October 1, 2010. The Board of Directors of First Asset Investment Management Inc., the manager of the Corporation, believes that such purchases are in the best interests of the Corporation and are a desirable use of the Corporation's funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Shares purchased by the Corporation pursuant to the NCIB will not be cancelled and will be held for resale. The NCIB will expire on September 30, 2011.
For further information, please contact Rob MacNiven, Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com