E Split Corp. Announces Exchange Ratios

CALGARY, June 20, 2018 /CNW/ - Middlefield Group, on behalf of E Split Corp. (the "Company"), is pleased to announce the exchange ratios for the exchange offer by the Company (the "Exchange Option") being made under the final prospectus of the Company dated June 14, 2018.

The Company will invest in a portfolio comprised primarily of 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:

(i)   non-cumulative monthly cash distributions; and
(ii)  the opportunity for capital appreciation through exposure to the portfolio

Preferred Shares are to:

(i)   provide holders with fixed cumulative preferential quarterly cash distributions; and
(ii)  return the original issue price of $10.00 to holders upon maturity.

The number of Units or Class A Shares issuable for each security of an Exchange Eligible Issuer (as listed below) (the "Exchange Ratio") has been determined by dividing the weighted average trading price of the securities of such Exchange Eligible Issuer on the principal stock exchange on which such Exchange Eligible Issuer's securities are listed, during the five consecutive trading days ending on June 20, 2018 (the "Pricing Period") calculated based on the daily average exchange rate (as reported by the Bank of Canada) on such date and as adjusted to reflect dividends declared or distributions pending by any Exchange Eligible Issuer that trades on an ex-dividend basis until the closing of the offering (the "Closing Date") by the sum of issue prices of a Preferred Share and Class A Share being $25.00 in the case of a subscription for Units or $15.00 in the case of a subscription for Class A Shares. The Exchange Ratio has been adjusted to reflect the $0.01 per Class A Share to be received by prospective purchasers who tendered securities of Exchange Eligible Issuers to the Company for Class A Shares. Holders of securities of Exchange Eligible Issuers who deposited such securities pursuant to the Exchange Option will continue to be holders of record up to the Closing Date and will be entitled to receive distributions in respect of such securities of Exchange Eligible Issuers up to but not including the Closing Date. Each Exchange Ratio has been rounded down to five decimal places.

The table below sets out the Exchange Eligible Issuers, the securities of which may be accepted by the Company pursuant to the Exchange Option, including the name of the Exchange Eligible Issuer, its ticker symbol, its CUSIP number, its ISIN, its volume weighted average trading price during the Pricing Period, the Exchange Ratio per Class A Share, and the Exchange Ratio per Unit.

The syndicate of agents is being co-led by CIBC Capital Markets and RBC Capital Markets, and includes BMO Capital Markets, Scotiabank, TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., National Bank Financial Inc., Raymond James Ltd., Industrial Alliance Securities, Manulife Securities Incorporated, Desjardins Securities Inc., Mackie Research Capital Corporation, and Middlefield Capital Corporation.

This offering is only made by prospectus.  The prospectus contains important detailed information about the securities being offered.  Copies of the prospectus may be obtained from your IIROC registered financial advisor using the contact information for such advisor.  Investors should read the prospectus before making an investment decision.

SOURCE E Split Corp.

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