Creststreet 2011(II) Flow-Through Limited Partnership has completed the final closing for its initial public offering of units, raising $17,863,020.
Toronto-based investment manager Creststreet says the partnership has a dual-class structure that allows 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.
Investors in the national class portfolio are expected to receive tax deductions equal to 100% of the amount invested for the 2011 taxation year. The Quebec class portfolio is expected to provide investors who reside in Quebec or who are subject to Quebec income tax access to a tax deduction of up to 150% of the amount invested for the 2011 taxation year and future capital gains exemption incentives provided to Québec flow-through investors against their Quebec taxable income.
Net proceeds of the offering will be invested in flow-through shares of Canadian resource companies primarily engaged in exploration and development.
Creststreet says it will invest in flow-through shares that: represent good value in relation to the market price and intrinsic value of the resource company’s shares; have experienced and capable management teams; have a strong exploration or development program or renewable energy project in place; and offer the potential for future growth.
The offering was made through a syndicate of investment dealers led by Scotia Capital Inc., CIBC World Markets Inc. and National Bank Financial Inc. and including BMO Nesbitt Burns Inc., GMP Securities L.P., Raymond James Ltd., Canaccord Genuity Corp., Dundee Securities Ltd., HSBC Securities (Canada) Inc., Industrial Alliance Securities Inc. and Manulife Securities Inc.