AlphaNorth 2010 Flow-Through Limited Partnership Announces IPO

TORONTO, Jan. 13 /CNW/ - AlphaNorth 2010 Flow-Through Limited Partnership (the "Partnership") is pleased to announce that it has filed a preliminary prospectus in respect of an 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.

The Partnership's investment objective is to provide its limited partners with a tax assisted investment in a diversified portfolio of flow-through shares and other securities, if any, of resource companies with a view to (i) maximizing the tax benefit of an investment in the units of the Partnership, and (ii) achieving capital appreciation for its limited partners. The principal business of the resource companies will be: (i) mineral exploration, development and production, (ii) oil and gas exploration, development and production, or (iii) certain energy production that may incur certain start-up phase costs of renewable energy projects. AlphaNorth General Partner Inc., the general partner of the Partnership, expects limited partners to receive tax deductions of approximately 99% of the gross proceeds of the offering for the 2010 taxation year and 110% of over the life of the Partnership (assuming the maximum offering).

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 will provide investment advisory and portfolio management services to the Partnership and will direct the day-to-day business operations and affairs of the Partnership.

The offering is being made through a syndicate of agents co-led by Canaccord Financial Ltd. and RBC Dominion Securities Inc., and including GMP Securities L.P., Scotia Capital Inc., Dundee Securities Corporation, Raymond James Ltd., Macquarie Capital Markets Canada Ltd., Research Capital Corporation, Wellington West Capital Markets Inc. and Queensbury Securities Inc.

For more information on AlphaNorth Asset Management, please visit www.alphanorthasset.com.

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.

SOURCE AlphaNorth Asset Management

For further information: For further information: Investor contact information: (416) 506-0776 or info@alphanorthasset.com


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