Premium Income Corporation Announces Closing of Overnight Offering of Preferred Shares

Group 1 - Premium Income Corporation has completed a treasury offering of 2,633,000 preferred shares, generating gross proceeds of $42,654,600, with shares priced at $16.20 each [1] - The preferred shares will trade on the Toronto Stock Exchange under the symbol PIC.PR.A [1] - The preferred shares provide fixed cumulative preferential monthly cash distributions of $0.10625, equating to $1.275 annually, representing a yield of 8.50% based on the original issue price of $15.00 [3] Group 2 - The Fund primarily invests in common shares of major Canadian banks, including Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, and The Toronto-Dominion Bank [2] - To enhance returns beyond dividend income, the Fund selectively writes covered call and put options on some or all common shares in its portfolio [2] - Mulvihill Capital Management Inc. serves as the manager and investment manager of the Fund [2]