TORONTO, June 22, 2012 /CNW/ - Faircourt Asset Management Inc.
(the "Manager"), as Manager of Faircourt Exploration Flow-Through 2010
Limited Partnership (the "Partnership"), is pleased to announce that
the Partnership will be making a cash distribution of $4.50 per unit to
Limited Partners on June 29, 2012. This is the first of two cash
distributions under the Partnership's liquidity transaction, pursuant
to which the assets of the Partnership will be sold for cash proceeds
and the net proceeds will be distributed on a pro rata basis to the
Limited Partners. The second cash distribution will be no later than
December 31, 2012. The distributions have been timed to facilitate the
orderly disposition of the Partnership's assets.
Following the distribution of all of its assets, the Partnership will be
When the Partnership is dissolved following the disposition of all of
its assets for cash proceeds, the Limited Partners will be allocated
their proportionate share of any income or loss of the Partnership
resulting from such disposition. In the case of assets of the
Partnership which are Flow-Through Shares, the income of the
Partnership resulting from the disposition will be a capital gain, the
amount of which will generally equal the proceeds of disposition net of
reasonable costs of the disposition. The disposition of other assets,
including shares which are not Flow-Through Shares, will result in a
capital gain or loss of the Partnership equal to the amount by which
proceeds of disposition exceed (or are less than) the adjusted cost
base of the assets and net of reasonable disposition costs.
The dissolution of the Partnership will constitute a disposition by a
Limited Partner of his or her Units for an amount equal to the greater
of the adjusted cost base of his or her Units and the aggregate of the
cash proceeds distributed to him or her and his or her share of the
cost amount to the Partnership of each property distributed. Since the
adjusted cost base of the Units to the Limited Partners will be
increased by the capital gain allocated to them on the disposition of
the assets by the Partnership, any capital gain realized as a result of
the liquidating distribution will be reduced by the capital gain so
allocated (though the Limited Partners will have to include in their
income for their taxation year in which the dissolution of the
Partnership occurs, the taxable capital gains allocated to them from
the disposition of the assets prior to the dissolution).
SOURCE Faircourt Asset Management Inc.
For further information:
For further information, please contact Mr. Charles Taerk President, or Mr. Douglas Waterson, Chief Financial Officer, Faircourt Asset Management Inc., 416-364-8989.