ClaringtonFunds Inc. has received unitholder approval for the merger of two mutual funds.

The Clarington Canadian Micro-Cap Fund will merge into Clarington Canadian Small Cap Fund. The Clarington Canadian Small Cap Fund is managed by QVGD Investors Inc. of Calgary. QVGD manages over $151.4 million with a focus on small cap investing.

Clarington says these mergers will benefit unitholders by creating a larger, more efficient fund. The mergers, which are subject to regulatory approval, are expected to take place on or about December 14.