Guardian Group of Funds Ltd. reports that GGOF 2008-I Mining Flow-Through Limited Partnership has completed the second closing of its initial public offering of limited partnership units.

After two closings, the partnership has now issued a total of 337,328 limited partnership units at a price of $25 each, for gross proceeds of $8,433,200. The maximum amount of the offering is $50 million, and the offering remains open to investors.

The partnership’s investment objective is to provide holders of units with a tax-assisted investment in a diversified portfolio of equity securities of mining issuers with a view to earning income and achieving capital appreciation for limited partners.

In order to achieve its investment objective, the partnership will invest in flow-through shares of mining issuers that may incur Canadian exploration expense and that have experienced management, have a strong exploration program in place, may require time to mature, and offer the potential for future growth.

The partnership’s portfolio manager expects to invest the portfolio primarily in mining issuers listed on Canadian stock exchanges.

GGOF is the manager of the Partnership and has retained Jones Heward Investment Counsel Inc. to provide all of the investment counselling and portfolio management services to the partnership. Bill Belovay, vp and portfolio manager of Jones Heward will be primarily responsible for the management of the portfolio.

The offering was made by a syndicate of securities dealers co-led by BMO Capital Markets and CIBC World Markets Inc., and includes National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Adams, Dundee Securities Corp., HSBC Securities (Canada) Inc., Richardson Partners Financial Ltd., Blackmont Capital Inc., Raymond James Ltd., Berkshire Securities Inc. and Genuity Capital Markets.

http://www.newswire.ca/en/releases/archive/March2008/27/c7967.html