CALGARY, Sept. 10 /CNW/ - Priviti Energy 2008 General Partner Corp. (the
"General Partner"), on behalf of Priviti Energy Limited Partnership 2008
("Priviti" or the "Fund"), is pleased to announce that it has entered into an
agreement with Acumen Capital Finance Partners Limited ("Acumen" or the
"Agent") to complete a private placement, on a commercially reasonable best
efforts basis, of up to 10,000 limited partnership units of the Fund (the
"Units") at a price of $5,000 per Unit for total gross proceeds of up to
$50,000,000 (the "Offering"). The initial closing is scheduled to be held on
or about October 29, 2008. Subsequent closings may be held provided that the
final closing occurs no later than December 31, 2008.
The Fund will make equity investments in quality private Canadian
companies and limited partnerships that conduct business within the Canadian
energy industry and offer the potential for substantial capital appreciation.
The Fund believes that it can purchase securities of quality private junior
oil and gas companies at healthy discounts to net asset value. These discounts
will be sought chiefly by providing a liquidity option to institutional
investors holding private shares.
Distributions from net cash proceeds from the sale of Fund investments
will first be distributed to the limited partners until they have received
proceeds equal to 100% of their capital contribution PLUS proceeds that
represent a 10% annual rate of return. Distributions will then be paid to the
General Partner in an amount equal to 20% of the (10%) yield amount paid to
Limited Partners. THEREAFTER the proceeds shall be allocated and distributed
as to 80% to the limited partners (on a pro rata basis) and 20% to the General
Partner. It is expected the Units will be offered by way of private placement
exemptions from prospectus requirements in the Provinces of British Columbia,
Alberta, Saskatchewan, and Ontario.
THIS PRESS RELEASE IS NOT TO BE CONSTRUED AS A PUBLIC OFFERING IN ANY
PROVINCE IN CANADA OR THE UNITED STATES. THE LIMITED PARTNERSHIP UNITS OF
PRIVITI HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT
OF 1933 OR ANY STATE SECURITIES LAWS AND, THEREFORE, MAY NOT BE OFFERED FOR
SALE IN THE UNITED STATES, EXCEPT IN TRANSACTIONS EXEMPT FROM REGISTRATION
UNDER THE U.S. SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS.
This press release contains forward-looking statements within the meaning
of applicable securities laws. These statements are based on current
expectations that involve a number of risks and uncertainties which could
cause actual results to differ materially from those anticipated. Should any
of these risks or uncertainties materialize, or should assumptions underlying
forward-looking statements prove incorrect, actual results may vary materially
from those described in this press release. Priviti Energy Limited Partnership
2008 and its general partner, Priviti Energy 2008 General Partner Corp.
believe the expectations reflected in those forward-looking statements are
reasonable, however, undue reliance should not be placed on the forward
looking statements because the Fund can give no assurance that these
expectations will prove to be correct. These statements speak only as of the
date of this press release. The forward-looking statements contained in this
press release are expressly qualified by this cautionary statement. Priviti
Energy 2008 does not assume any obligation to update these forward-looking
statements, whether as a result of new information, future events or
otherwise, except as required by law.
For further information:
For further information: Ward Mallabone, President & CEO, Priviti
Capital Corporation, firstname.lastname@example.org, (403) 263-9943; OR Alfred
Sailer, Investment Banking, Acumen Capital Partners, email@example.com,