CRESTSTREET COMPLETES INITIAL CLOSING, ADDITIONAL CLOSING DATE SET FOR
OCTOBER 26, 2010 FOR 2010 RESOURCE FOCUSED FLOW-THROUGH FUND OFFERING
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
TORONTO, Oct 6 /CNW/ - Creststreet is pleased to announce that it has completed the initial closing for its initial public offering of units of the Creststreet 2010 Flow-Through Limited Partnership (the "Partnership") at $10.00 per unit.
This initial closing of the offering raised an aggregate of $7,320,850.00 million.
An additional closing of the offering has been scheduled for Tuesday, October 26, 2010. Order books for the offering will close at 12:00 p.m., on Monday, October 25, 2010.
The offering is the first flow-through fund in Canada featuring a dual-class structure to allow investors the opportunity to select between a National Class portfolio and a Quebec Class portfolio, each with its own investment objectives and provincial tax deductions.
Investors in the National Class portfolio are expected to receive tax deductions equal to 100% of the amount invested for the 2010 taxation year.
The Quebec Class portfolio is expected to provide investors who reside in the Province of Quebec or who are subject to Quebec income tax access to a tax deduction of up to 150% of the amount invested for the 2010 taxation year and future capital gains exemption incentives provided to Quebec flow-through investors against their Quebec taxable income.
The maximum size of the offering has been set at $50 million for the National Class and $20 million for the Quebec Class. Net proceeds of the offering will be invested in flow-through shares of Canadian resource companies primarily engaged in exploration and development. Creststreet will invest in flow-through shares that: (i) represent good value in relation to the market price and intrinsic value of the resource company's shares; (ii) have experienced and capable management teams; (iii) have a strong exploration or development program or renewable energy project in place; and (iv) offer the potential for future growth.
The offering is being made through a syndicate of investment dealers led by Scotia Capital Inc. and includes BMO Nesbitt Burns Inc., CIBC World Markets Inc., Desjardins Securities Inc., National Bank Financial Inc., Dundee Securities Corporation, GMP Securities L.P., HSBC Securities (Canada) Inc., Canaccord Genuity Corp., Wellington West Capital Markets Canada Inc., Industrial Alliance Securities Inc., Laurentian Bank Securities Inc., Raymond James Ltd. and Macquarie Capital Markets Canada Ltd.
About Creststreet
Creststreet is an investment management firm that was founded on the premise that commodities are an increasingly scarce resource that will increase in value over time, providing attractive long-term investment opportunities. Since its inception in 2000, Creststreet has raised over $1 billion for resource investments. The firm specializes in structuring and managing high quality core and specialty investment products for Canadian and international institutional and high net worth investors.
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For further information on any of Creststreet's investment products or if you have any questions please contact your investment advisor or feel free to contact us directly at 1-866-864-6330 or [email protected].
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