Norrep Capital Management Ltd. Announces Proposed Mutual Fund Merger and Meeting Date

August 01, 2017

CALGARY, Alberta – July 11, 2017 – Norrep Capital Management Ltd. (“Norrep”), the manager of a strategically focused group of public mutual funds, alternative investment funds, and limited partnerships, announced today that it intends to take steps to merge Norrep High Yield Class, a class of shares of Norrep Opportunities Corp., into Norrep High Income Fund, subject to all required shareholder and regulatory approvals. If the requisite approvals are obtained, it is anticipated that the proposed merger will be implemented on or about September 12, 2017.

The Independent Review Committee of Norrep High Yield Class has reviewed the proposed merger and has provided a positive recommendation for the proposed merger after determining that the proposed merger, if implemented, will achieve a fair and reasonable result for the fund.

Norrep also announced that it has scheduled the date of a special shareholders meeting of Norrep High Yield Class, called to consider the proposed merger, to occur on or about September 11, 2017, for shareholders of record as of August 8, 2017. A management information circular providing details of the proposed merger, as well as other related proxy materials, will be sent to those shareholders entitled to receive them in the ordinary course. These documents will also be available on SEDAR at www.SEDAR.com.

Pursuant to the proposed merger, Norrep High Income Fund will acquire all or substantially all of the net assets of Norrep High Yield Class and shareholders of Norrep High Yield Class will become unitholders of Norrep High Income Fund. As soon as reasonably possible following completion of the proposed merger, Norrep High Yield Class will be terminated.

Shareholders of Norrep High Yield Class will have the right to redeem shares of, and make switches into or out of, the fund up to the close of business on the business day prior to the effective date of the proposed merger. Norrep Capital Management Ltd. is a Canadian investment firm with offices in Calgary and Toronto. Please visit www.norrep.com for more details about Norrep and its investment products. For the complete disclosure record of the Norrep Group of Funds, please visit www.sedar.com.

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Certain information set forth in this press release, including a discussion of future plans and operations, contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond management’s control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. Actual results, performance or achievement could differ from those expressed in or implied by these forward-looking statements.