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Propel Multi-Strategy Fund Announces Termination of Fund

TORONTO, March 17, 2014 /CNW/ - Propel Capital Corporation (the "Manager"), as Manager of the Propel Multi-Strategy Fund (the "Fund"), announced today the intention to terminate the Fund. The decision was made to terminate the Fund following receipt of the most recent annual redemption requests. As a result of redemptions, the net asset size of the Fund has been reduced to a level below which, in the opinion of the Manager, it is no longer economically feasible to continue the Fund and it would be in the best interest of the unitholders to terminate the Fund. The Manager anticipates that the Fund's termination will occur on or about April 30, 2014 (the "Termination Date").

The Fund will deliver its common share portfolio to the counterparty in connection with final settlement of the forward agreement. Following the settlement of the forward agreement and, after all liabilities have been satisfied or provided for, the Fund will distribute in cash the net assets of the Fund to unitholders on a pro rata basis based on the net asset value per unit on or about the Termination Date.

Unitholder redemption rights are not affected by the termination of the Fund.  Unitholders who properly surrendered units for redemption on March 31, 2014 will be paid the annual redemption amount (to be determined on March 31, 2014) on or about April 18, 2014.

Unitholders will continue to have the right to redeem their units in the Fund prior to the Termination Date. All units not redeemed prior to the Termination Date will be automatically redeemed at that time. The net assets of the Fund will be distributed pro rata to the remaining unitholders of the Fund who are unitholders of record on the Termination Date.

Payment is expected to be made as soon as practicable following the Termination Date. Unitholders need not take any action to receive the payment.

This press release constitutes notice to unitholders of the Fund of termination of the Fund pursuant to the Fund's declaration of trust.

SOURCE Propel Multi-Strategy Fund

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