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Press release from Filing Services Canada

Proventure Income Fund Completes Acquisition of Lands and Other Assets from Control Person and Announces Early Warning Report

Tuesday, June 22, 2010

Proventure Income Fund Completes Acquisition of Lands and Other Assets from Control Person and Announces Early Warning Report19:20 EDT Tuesday, June 22, 2010FSC / Press ReleaseProventure Income Fund Completes Acquisition of Lands and Other Assets from Control Person and Announces Early Warning ReportCalgary, Alberta CANADA, June 22, 2010 /FSC/ - Proventure Income Fund (PVT.UN - TSX Venture), is pleased to announce that, through a wholly owned subsidiary, Proventure Operating Limited Partnership (the "LP"), it has completed the previously announced acquisition (the "Acquisition") from Peter Lacey and Kathy Lacey (the "Vendors") of (i) the legal and beneficial interest in a parcel of land located in Red Deer, Alberta that is legally described as Block X Plan 993AE, Red Deer, Alberta (the "Land"), and (ii) the legal and beneficial interest of the Vendors in their 50% share interest in Timberstone Park Developments Ltd. (the "Share Interest", and together with the Land, the "Assets").Proventure acquired the Assets for an aggregate purchase price of $6,790,050 (the "Purchase Price"), which was allocated as follows: (i) As consideration for the Land, $6,790,000 was paid to the Vendors in the form of preferred limited partnership units of the LP (the "LP Units") at a price of $3.25 per unit, being approximately 2,089,230 LP Units. Each LP Unit is entitled to a cumulative distribution at the rate of 8% per annum, each LP Unit entitles the holder thereof (via the issuance of special voting units of Proventure) to one vote at each meeting of unitholders of Proventure, each LP Unit is redeemable at any time at the option of the LP and each LP Unit is exchangeable at any time at the option of the holder thereof into one unit of Proventure for no additional consideration; and(ii) As consideration for the Share Interest, $50 was paid to the Vendors in the form of cash.In determining the Purchase Price, consideration was given to the data, analysis and conclusions contained in a real property valuation report (the "Report") prepared by an independent third party appraiser, which estimated the market value of the entire parcel of land owned by the Vendors, comprising 107.43 acres in total and from which the Land subject to this proposed transaction is subdivided, to be $7,520,000 as of October 9, 2009, which was based on a value per acre of $70,000. RationaleThe Acquisition was an opportunity for Proventure to increase its land holdings and, at the same time, provide further development and expansion opportunities within its business. By entering into a joint venture with Laebon Developments Ltd. ("Laebon") in conjunction with the proposed Acquisition, as the other 50% share interest being held by Laebon, an arm's length party to Proventure, Proventure's hope is to increase its income producing properties as well as acquire an ownership interest in the Land which will be used for residential property development at a time when the residential real estate market is on an up-swing.Approval of Related Party Transaction Peter Lacey, of Red Deer, Alberta, is the President and Chief Executive Officer of Proventure and the controlling unitholder of Proventure, beneficially owning or controlling, together with his associates and affiliates, 70.1% of the 7,638,477 issued and outstanding units of Proventure. By virtue of the fact that Mr. Lacey is considered to be a non arm's length party of Proventure and the Acquisition was considered to be a related party transaction. Proventure was required to and did obtain minority unitholder approval at the annual general and special meeting of Proventure held on April 21, 2010 (the "Meeting"). At the Meeting, 100% of the votes cast on the Acquisition resolution were voted in favor of approving such resolution, and thereby approving the Acquisition. In seeking such minority unitholder approval, the votes of Mr. Lacey, and any associate and affiliate of Mr. Lacey, were excluded in determining whether the related party resolution had been approved by requisite percentage of minority unitholders voting at the Meeting.Early WarningPeter Lacey beneficially owns or controls, together with his associates and affiliates, 70.1% of the 7,638,477 issued and outstanding units of Proventure. The 2,089,230 LP Units were issued to the Vendors as payment of that portion of the Purchase Price which was allocated to the Land, being $6,790,000. The LP Units are exchangeable into units of Proventure on a one for one basis at the option of the holder. Upon the exchange of all LP Units issued as payment of the Purchase Price, and assuming no further acquisitions or dispositions of Units of Proventure by Mr. Lacey or his associates and affiliates and no further issuance or redemption of units by Proventure, Mr. Lacey would beneficially own or control, together with his associates and affiliates, 76.5% of the issued and outstanding units of Proventure. The LP Units, that are exchangeable into units of Proventure, were acquired for investment purposes only and additional units of Proventure may be purchased on the open market. About ProventureProventure Income Fund is an open-ended mutual fund trust established under laws of the Province of Alberta. Proventure is in the commercial property development business and provides financing and leases real estate to Cervus Equipment Corporation. The units of Proventure Income Fund are listed on the TSX Venture Exchange and trade under the symbol "PVT.UN".For further information, please contact:Peter Lacey - President & CEO of Proventure Income Fund Telephone: (403) 567-0339 Fax: (403) 567-0392 Email: placey@cervuscorp.comRandy Muth - Chief Financial Officer of Proventure Income Fund Telephone: (403) 567-0339 Fax: (403) 567-0392 Email: rmuth@cervuscorp.comForward Looking InformationThis press release contains certain forward-looking information ("forward-looking information") within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "expect", "may", "will", "project", "should" or similar words suggesting future outcomes. In particular, this press release includes forward-looking information relating to the anticipated effects of the Acquisition on the business of Proventure and the security holdings of Peter Lacey upon conversion of the LP Units. Proventure believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.Forward-looking information is based on various assumptions. Those assumptions are based on information currently available to Proventure, including the current business and economic trends, whether any further acquisitions or dispositions of Units of Proventure by Mr. Lacey or his associates and affiliates will occur, whether any further issuance or redemption of units by Proventure will occur and the opportunities this transaction will provide for Proventure to further develop and expand within its business. You are cautioned that the preceding list of assumptions is not exhaustive.Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Proventure's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information. Any forward-looking information is made as of the date hereof and, except as required by law, Proventure assumes no obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.Source: Proventure Income Fund (TSX-V: PVT.UN) http://www.cervuscorp.com Maximum News Dissemination by Filing Services Canada Inc. * www.usetdas.com