TORONTO, ONTARIO--(Marketwire - Oct. 19, 2011) - Bloom Income & Growth Canadian Fund (the "Fund") (TSX:BI.UN) is pleased to announce the closing of its initial public offering. Pursuant to the offering, the Fund issued an aggregate of 3.2 million units at $10 per unit, for gross proceeds of $32 million by way of cash subscriptions. The Fund has granted the agents for the offering an over-allotment option to acquire additional units on the same terms exercisable at any time during the next thirty days. The units are listed on the Toronto Stock Exchange ("TSX") under the symbol BI.UN.

The Fund has been created to enable investors to obtain exposure to an actively managed, diversified portfolio comprised primarily of publicly listed or traded Canadian securities, including dividend paying common equity securities, income trusts, real estate investment trusts and limited partnerships, and, to a lesser extent, preferred shares, debt securities, non-dividend paying equities and foreign securities. The Fund's portfolio will be actively managed by Bloom Investment Counsel, Inc. (the "Manager").

The Fund's investment objectives are to provide holders of units with:

1. monthly cash distributions that have a large component of Canadian eligible dividends; and
2. the opportunity for capital appreciation.

The distributions are initially targeted to be 7.0% per annum. The Fund will not have a fixed monthly distribution amount. Annually, commencing in January 2013, the Fund will determine and communicate the expected distribution rate for the following 12 months.

The syndicate of agents for this offering was led by CIBC, co-led by RBC Capital Markets, BMO Capital Markets and TD Securities Inc., and included National Bank Financial Inc., Scotia Capital Inc., Canaccord Genuity Corp., GMP Securities L.P., HSBC Securities (Canada) Inc., Dundee Securities Ltd., Macquarie Private Wealth Inc., Raymond James Ltd. and Desjardins Securities Inc.