CRESTSTREET FILES PRELIMINARY PROSPECTUS FOR 2010 RESOURCE FOCUSED
FLOW-THROUGH FUNDS
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
TORONTO, Sept. 7 /CNW/ - Creststreet is pleased to announce that a preliminary prospectus has been filed for the initial public offering of units of Creststreet 2010 Flow-Through Limited Partnership. The offering by the Limited Partnership is the first flow-through investment fund offering in Canada featuring limited partnership units with 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. The National Class portfolio is designed for investors who reside in Canada or subject to Canadian income tax. The Quebec Class portfolio is designed primarily for investors who reside in the Province of Quebec or subject to Quebec income tax. Creststreet expects investors to receive tax deductions for the 2010 taxation year equal to 100% of the initial amount invested in the National Class and up to 150% of the initial amount invested in the Quebec Class.
The offering has been set at a maximum of $50 million for the National Class and a maximum of $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 will include 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., Macquarie Capital Markets Canada Ltd. and Raymond James 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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