AlphaNorth 2012 Flow-Through Limited Partnership raises $7.7 million on first closing

TORONTO, Feb. 10, 2012 /CNW/ - The AlphaNorth 2012 Flow-Through Limited Partnership (the "Partnership") is pleased to announce that it has completed its first closing on February 9, 2012, raising a total of $7,706,500 in respect of its offering of 770,650 limited partnership units at a price per unit of $10.00. The Partnership anticipates completing a second closing on or about March 1, 2012.

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 approximately 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 2011 Flow-Through Limited Partnership, the AlphaNorth Rollover Fund and the AlphaNorth Growth Fund.

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

This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered and has been filed with securities commissions or similar authorities in all provinces of Canada, except Quebec. Copies of the prospectus may be obtained from one of the agents noted above. Investors should read the prospectus before making an investment decision.

SOURCE AlphaNorth Asset Management

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