Middlefield Group, on behalf of E Split Corp. (TSX: ENS and ENS.PR.A) (the “Company”), is pleased to announce the Company has completed the overnight offering of preferred shares (“Preferred Shares”) for aggregate gross proceeds of approximately $43.8 million. The Preferred Shares will trade on the Toronto Stock Exchange under the existing symbol ENS.PR.A.

The Preferred Shares were offered at a price of $10.00 per Preferred Share to yield 7.3% to maturity. In addition, Class A Shares ("Class A Shares”) were originally offered but were not issued as the Company prioritized re-issuing Preferred Shares tendered to the recent retraction option.

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:

(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.

Middlefield Capital Corporation provides investment management advice to the Company.

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

For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. This offering was made by a prospectus supplement dated June 6, 2023 to the Company’s short form base shelf prospectus dated January 11, 2023 (the “Prospectus”). The Prospectus contains important detailed information about the Preferred Shares 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. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. Please read the Company’s publicly filed documents which are available at www.sedar.com. 

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