TORONTO, September 29, 2011 - 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 Corporation proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 2,371,710 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 23,717,100 Shares as of September 22, 2011. The Corporation will not purchase in any given 30-day period, in the aggregate, more than 474,342 Shares, being 2% of the issued and outstanding Shares. Purchases of Shares under the NCIB may commence on October 3, 2011. 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 be cancelled. The NCIB will expire on October 2, 2012.
On September 28, 2010, the Corporation announced that it was making a Normal Course Issuer Bid, which commenced October 1, 2010, to purchase up to 2,402,700 Shares through the facilities of the TSX. Under the bid, which expires on September 30, 2011, as at the date hereof, an aggregate of 309,900 Shares were repurchased at an average price of $10.01 per Share excluding commissions.
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