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TORONTO, Dec. 1 /CNW/ - Toronto-based frontierAlt Energy & Precious Metals Inc., the general partner of frontierAlt 2007 Energy & Precious Metals Flow Through LP (the "Partnership"), and frontierAlt Capital Class Fund Limited (the "Mutual Fund Corporation") announce that the Partnership has completed the transfer and sale (the "Rollover Transaction") of all its assets on a tax-deferred basis to the Mutual Fund Corporation in exchange for Series A Shares of frontierAlt Resource Capital Class Fund (the "Resource Fund"), a class of shares of the Mutual Fund Corporation, effective November 30, 2009.
Limited partnership units ("Units") of the Partnership were exchanged on a tax-deferred basis for shares of the Resource Fund with equal value pursuant to a transfer agreement dated October 29, 2007 between the Partnership and the Mutual Fund Corporation. The Limited Partners received 764,858 shares of the Resource Fund, based on a net asset value per Unit of $ 6.1434 of the Partnership and a net asset value per share of $ 4.8848 of the Resource Fund.
The Partnership had net assets of $ 3,736,180 at the time of the transfer. The Partnership's original subscription price in 2007 was $25.00 per Unit. The capital gains tax liability that would arise upon disposition can be deferred by retaining the shares of the Mutual Fund Corporation.
Based in Toronto, frontierAlt Capital Corporation specializes in the manufacturing and distribution of structured products, flow-through limited partnerships and mutual funds.
This press release is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein.
This news release contains certain "forward-looking statements". The statements that are not historical facts contained in this press release are forward-looking statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
SOURCE FRONTIERALT 2007 ENERGY & PRECIOUS METALS FLOW-THROUGH LIMITED PARTNERSHIP
For further information: For further information: Asif Khan, Chairman & CEO, frontierAlt Capital Corporation, (416) 623-3161, firstname.lastname@example.org; Or visit frontierAlt Capital Corporation's website at www.frontieralt.com. To view the documents of the Mutual Fund Corporation visit www.sedar.com.