Canoe Strategic Resources Income Fund Completes Initial Public Offering

CALGARY, ALBERTA--(Marketwire - June 30, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.

Canoe Financial LP ("Canoe") announces that the Canoe Strategic Resources Income Fund (the "Fund") has completed its initial public offering of Units of the Fund, pursuant to the final prospectus dated June 3, 2011. The Fund issued 2.5 million Units at $12 per Unit, for gross proceeds of $30 million. The Fund has granted the agents for the offering an over-allotment option to acquire additional Units exercisable in whole or in part at any time during the next 30 days.

The Units are listed on the Toronto Stock Exchange under the symbol CSR.UN.

The Fund's investment objectives are:

• to provide Unitholders with monthly cash distributions; and
• to maximize Unitholders' risk-adjusted total returns.

The monthly cash distributions are initially targeted to be 6.0% per Unit per annum on the $12.00 offering price ($0.06 per Unit per month or $0.72 per Unit per annum).

The Fund will seek to achieve its investment objectives by investing in a portfolio comprised primarily of equity securities of issuers listed on North American exchanges whose businesses are directly or indirectly related to one or more of the following six Strategic Resources:

• Oil
• Natural Gas
• Copper
• Agriculture
• Gold
• Silver

The Fund will write covered call options in respect of the equity securities in the Portfolio to generate additional returns above the distributions earned on its equity securities. Not more than 25% of the total assets of the Fund may be used to cover call option contracts at any time.

The Manager has retained Haber Trilix Advisors, LP as portfolio sub-advisor.

The offering was conducted by a syndicate of Agents co-led by RBC Capital Markets and CIBC and includes BMO Capital Markets, National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., HSBC Securities (Canada) Inc., Dundee Securities Corporation, Macquarie Private Wealth Inc., Raymond James Ltd., Wellington West Capital Markets Inc., Desjardins Securities Inc., Mackie Research Capital Corporation, Manulife Securities Incorporated and Rothenberg Capital Management Inc.

About Canoe Financial LP

Canoe Financial is an experienced and innovative investment management firm focused on building financial wealth for Canadians. Canoe currently manages approximately $1.8 billion in assets through its mutual fund and closed-end products. Canoe is a strong believer in Canada as a place to invest. With continued global urbanization, increasing worldwide demand for resources and our sound fiscal structure, we believe Canada provides long-term growth potential for investors.

Canoe Financial is committed to providing exceptional client service and is a proud partner of Canada's Investment Advisor and Financial Planner network. To learn more about Canoe Financial, visit www.canoefinancial.com.

Certain statements included in this news release constitute forward-looking statements. The forward-looking statements are not historical facts but reflect Canoe Financial LP and its affiliates' (the "Manager") current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Manager believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Manager undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law. Investment funds are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the fund will be able to maintain its net asset value at a constant amount or that the full amount of your investment in the fund will be returned to you. Past performance may not be repeated.

This communication is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. This information is for review purposes only. Investors should contact their Investment Advisor to review their investment objectives and strategies, and to obtain complete details and risk factors on specific strategies and various investment products.