AlphaNorth Asset Management Announces AlphaNorth 2012 Flow-Through Limited Partnership

TORONTO, Dec. 23, 2011 /CNW/ - AlphaNorth Asset Management is pleased to announce that AlphaNorth 2012 Flow-Through Limited Partnership (the "Partnership") has filed a preliminary prospectus in connection with its initial public offering of limited partnership units to raise aggregate gross proceeds of up to $25 million at a price per unit of $10.00.  This is AlphaNorth's third flow-through limited partnership offering.

Investment Objective of the Partnership

The Partnership's investment objective is to provide for a tax-assisted investment in a diversified portfolio of flow-through shares and other securities, if any, of resource companies with a view to maximizing tax benefits and achieving capital appreciation for its' limited partners.  The Partnership's focus is on resource companies whose principal business will be (i) mineral exploration, development and production, (ii) oil and gas exploration, development and production, or (iii) certain energy production that may incur start-up phase costs of renewable energy projects.  AlphaNorth GP Inc., the general partner of the Partnership, expects investors to receive a tax deduction for the 2012 taxation year equal to 102% of the amount invested and 118% over a two year period (assuming the Minimum Offering and based upon other assumptions set forth in the Partnership's prospectus in respect of the offering).

Manager and Portfolio advisor:

The Partnership has retained AlphaNorth Asset Management (the "Manager") to provide investment, management, administrative and other services. The Manager currently provides management services to AlphaNorth Partners Fund Inc., a long biased, small cap hedge fund focusing primarily on Canadian companies, including resource companies. The Manager, led by Chief Executive Officer, Steven Palmer, will provide investment advisory and portfolio management services to the Partnership and will direct the day-to-day business operation and affairs of the Partnership. The Manager also manages the AlphaNorth 2010 Flow-Through Limited Partnership, the AlphaNorth 2011 Flow-Through Limited Partnership, and the AlphaNorth Growth Fund.

Agents

The offering is being made through a syndicate of agents led by Canaccord Genuity Corp., GMP Securities L.P. and National Bank Financial Inc., and includes Scotia Capital Inc., Macquarie Capital Markets Canada Ltd., Raymond James Ltd., Mackie Research Capital Corporation, Queensbury Securities Inc., Dundee Securities Corporation, Desjardins Securities Inc., MGI Securities Inc., and Union Securities Ltd.

Offering Price

The Partnership will be available for investment in early January 2012. The price per unit is $10.00 with a minimum subscription of 250 units ($2,500). The initial closing is expected to take place in February 2012.

A preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in all provinces of Canada, except Quebec. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from one of the agents noted above. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

For further information:

For more information please contact your advisor. You may also visit our website at www.alphanorthasset.com or contact Skye Collyer, Vice President, Sales and Marketing at 416-506-0776 (ext. 227) or [e-mail]