Ms. Nancy Tham reports

E SPLIT CORP. COMPLETES OVERNIGHT OFFERING

Middlefield Capital Corp., on behalf of E Split Corp., has completed the overnight offering of Class A and preferred shares for aggregate gross proceeds of approximately $38.6-million. The Class A shares and preferred shares will trade on the Toronto Stock Exchange under the existing symbols ENS (Class A shares) and ENS.PR.A (preferred shares).

The Class A shares were offered at a price of $12.55 per Class A share to yield 12.4 per cent and the preferred shares were offered at a price of $9.80 per preferred share to yield 7.5 per cent to maturity. The Class A share and preferred share offering prices were determined so as to be non-dilutive to the net asset value per unit of the company on Dec. 1, 2023, as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the offering.

The company will invest in common shares of Enbridge Inc., a North American oil and gas pipeline, gas processing, and natural gas distribution company.

The company's investment objectives for the:

• Class A shares are to provide holders with:
  1. Non-cumulative monthly cash distributions; and
  2. The opportunity for capital appreciation through exposure to the portfolio.
• Preferred shares are to:
  1. Provide holders with fixed cumulative preferential quarterly cash distributions; and
  2. Return the original issue price of $10 to holders upon maturity.

Middlefield Capital provides investment management advice to the company.

The syndicate of agents for the offering was co-led by CIBC Capital Markets, RBC Capital Markets and Scotiabank, and included Canaccord Genuity Corp., National Bank Financial Inc., Raymond James Ltd., BMO Capital Markets, iA Private Wealth Inc., TD Securities Inc., Manulife Securities Inc., Desjardins Securities Inc., Echelon Wealth Partners Inc., Middlefield Capital, Research Capital Corp. and Richardson Wealth Ltd.