Canadian Resources Income Trust Announces Approval of Extension and Filing of Preliminary Prospectus

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TORONTO, March 6, 2015 /CNW/ - Canadian Resources Income Trust (the "Trust" or "CaRIT") announced today that holders of units ("Units") of the Trust ("Unitholders") have overwhelmingly approved the previously announced proposal to extend the Trust to March 31, 2020. Pursuant to the extension, the Trust will invest in an equally weighted portfolio comprising the 20 highest yielding natural resource issuers in the S&P/TSX 60 Index, and will establish a covered call writing strategy on no more than 33% of the portfolio. Full details of the extension are included in the management information circular (the "Circular") of the trust dated February 5, 2015.

Unitholders who do not wish to continue their investment in the Trust after March 31, 2015 must give notice that they wish to exercise the special retraction right described in the Circular with respect to their Units on or prior to March 16, 2015. Unitholders who wish to retract their Units should contact their broker or other intermediary, as they may set a deadline earlier than March 16, 2015. Unitholders who retract their Units pursuant to such special retraction right will be paid on March 31, 2015. The extension will become effective provided that at least 800,000 Units remain outstanding on March 31, 2015.

The Trust has also filed a preliminary prospectus for a public offering of Units of the Fund (the "Offering"). The offering price of the Units will be determined so as to exceed the most recently calculated net asset value per unit, plus the agent's fees and the expected expenses of the offering payable by the fund, of existing Unitholders as at the date that the final prospectus is filed. Purchasers of Units sold under the Offering will not be entitled to receive any distribution declared to Unitholders on a record date prior to the closing of the Offering. Distributions will be paid monthly and based on current estimates, and the assumptions set out in the preliminary prospectus, the Trust's initial distribution target is expected to be 6.0% per annum based on the Trust's Net Asset Value as at March 31, 2015.

The syndicate of agents for the offering is being led by Scotiabank and includes BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., Burgeonvest Bick Securities Limited, Desjardins Securities Ltd., Dundee Securities Ltd., Mackie Research Capital Corporation and Manulife Securities Incorporated.

About CaRIT

CaRIT is an investment trust which provides investors with high current yield and low cost diversification through a defined portfolio of equity securities of selected Canadian issuers focused on the natural resource industry.  Trust Units of CaRIT are listed for trading on The Toronto Stock Exchange under the symbol RTU.UN.

The offering is only made by prospectus. The prospectus includes important detailed information about the securities being offered. Copies of the prospectus may be obtained from any of the agents named above. Investors should read the prospectus before making an investment decision.

Certain statements included in this news release constitute forward-looking statements. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Scotia Managed Companies Administration Inc., the administrator of the Trust, undertakes no obligation to update publicly or otherwise revise any forward looking statement whether as a result of new information, future events or other such factors which affect this information, except as required by law. Investment funds are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There is no assurance that the Trust will be able to achieve its distribution and capital preservation objectives or that the full amount of a Unitholder's investment in the Trust will be returned. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. The press release does not constitute an offer to sell or the solicitation of an offer to buy securities nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.

SOURCE Canadian Resources Income Trust