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TORONTO, Nov. 10 /CNW/ - Creststreet is pleased to announce that it has completed the initial closing for its initial public offering of units of Creststreet 2009 Limited Partnership (the "Partnership") at $10.00 per unit to raise up to $20 million for investment in flow-through shares of resource companies engaged primarily in oil and natural gas exploration and development in Canada.
This initial closing of the Partnership raised an aggregate of $5 million. A second closing of the offering has been scheduled for Monday, November 30, 2009. Order books for the offering will close at 12:00 p.m., on Friday, November 27, 2009.
The available funds from the offering will be invested in flow-through shares of resource companies engaged primarily in oil and natural gas exploration and development in Canada. Creststreet expects investors to receive tax deductions equal to 100% of the amount invested for the 2008 taxation year.
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 Partnership expects investors to receive tax deductions equal to 100% of the amount invested for the 2009 taxation year.
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., National Bank Financial Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corporation, GMP Securities L.P., Raymond James Ltd., Macquarie Capital Markets Canada Ltd. and Wellington West Capital Markets Inc.
Creststreet is an investment management firm that was founded on the premise that energy is an increasingly scarce commodity which will increase in value over time, providing attractive long-term investment opportunities. Since its inception in 2000, Creststreet has raised over $1 billion for energy investments. The firm specializes in structuring and managing high quality energy focused long only, long/short and tax-assisted investment products for Canadian and international institutional and high net worth investors.
SOURCE CRESTSTREET 2009 LIMITED PARTNERSHIP
For further information: For further information: Sheryl Chiddenton, Manager, Compliance and Investment Services, Creststreet Asset Management Limited, Tel: (416) 864-3125, E-mail: firstname.lastname@example.org