Something ElseNov 16, 2009 14:44 ET
49 North 2009 Resource Flow-Through Limited Partnership Raises $2,853,750 at the First Closing of Its Initial Public Offering
SASKATOON, SASKATCHEWAN--(Marketwire - Nov. 16, 2009) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
49 North 2009 Resource Flow-Through Limited Partnership (the "2009 Fund") is pleased to announce that the limited partnership has raised gross proceeds in an amount equal to CDN $2,853,750 at the first closing of its initial public offering. A total of 285,375 limited partnership units were sold at an issue price of CDN $10.00 per unit. Subsequent closings up to the maximum offering amount of $10,000,000 (in aggregate) may occur prior to December 31, 2009.
The offering is being made through a syndicate of agents led by MGI Securities Inc. and co-led by Canaccord Capital Corporation. Other members oft he syndicate include Blackmont Capital Inc., GMP Securities L.P., Raymond James Ltd., Research Capital Corporation, Wellington West Capital Inc., Integral Wealth Securities Limited, M Partners Inc., Union Securities Ltd., Bolder Investment Partners, Ltd., Industrial Alliance Securities Inc. and Leede Financial Markets Inc.
The 2009 Fund intends to invest the proceeds of the offering in a portfolio of flow-through shares and other securities of junior and intermediate resource issuers engaged in mineral or oil and gas exploration in Canada, with a view to achieving capital appreciation for limited partners. Subject to certain limitations as more particularly described in the 2009 Fund's final prospectus dated November 5, 2009 (a copy of which is available on SEDAR at www.sedar.com), limited partners with sufficient income will be entitled to claim deductions for qualifying Canadian exploration expenses and deemed Canadian exploration expenses renounced to the 2009 Fund and may be entitled to certain investment tax credits deductible from tax payable.