CALGARY, Alberta, May 30, 2017 (GLOBE NEWSWIRE) -- Norrep Capital Management Ltd. is pleased to announce that Norrep Short Duration 2017 Flow-Through Limited Partnership (the “Partnership”) has completed the second and final closing of its initial public offering of units of the Partnership (“Partnership Units”). The Partnership issued 212,389 Partnership Units at $10.00 per Partnership Unit for gross proceeds of $2,123,890. In combination with the first closing, which occurred on May 9, 2017, the Partnership has issued an aggregate of 898,136 Partnership Units at $10.00 per Partnership Unit for aggregate gross proceeds of $8,981,360. The offering was made through a syndicate of investment dealers led by BMO Capital Markets and including CIBC Capital Markets, National Bank Financial Inc., RBC Capital Markets, Scotiabank, TD Securities Inc., GMP Securities L.P., Raymond James Ltd., Canaccord Genuity Corp., Desjardins Securities Inc., Industrial Alliance Securities Inc., Laurentian Bank Securities Inc. and Manulife Securities Incorporated.
Funds raised by the Partnership will be invested in flow-through shares of resource companies whose principal business is oil & gas exploration and development, mineral exploration and development, and renewable energy development and production.
The Partnership will focus on Canadian Development Expense (CDE) expenditures over Canadian Exploration Expense (CEE) expenditures. This shifts the nature of the underlying activities from higher risk exploration activities to lower risk development drilling that focuses on already identified oil & gas pools or mineral deposits.
Since 1999, Norrep Capital Management Ltd., a Canadian investment firm with offices in Calgary and Toronto, has managed flow-through limited partnerships that were formed to invest in flow-through shares of resource companies. Including this Partnership, these partnerships have raised total gross proceeds of approximately $551 million.
Please visit www.norrep.com for more details about Norrep Investments and its range of investment solutions for Canadian investors.
Certain information set forth in this press release, including a discussion of future plans and operations, contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond management’s control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks, industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. Actual results, performance or achievement could differ from those expressed in or implied by these forward-looking statements. Although the forward-looking statements are based on what management believes to be reasonable assumptions, we cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the current date and we assume no obligation to update or revise them to reflect new events or circumstances, except as required by applicable securities laws.
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