Sprott 2010 Flow-Through Limited Partnership has completed the second and final closing of its initial public offering of limited partnership units, Sprott Asset Management LP announced Wednesday.

The partnership raised $11.68 million on the sale of 467,200 units at $25 per unit for aggregate total gross proceeds raised from the offering of $51,417,150.

The partnership’s investment objective is to provide for a tax-assisted investment in a diversified portfolio of flow-through shares and other securities, if any, of resource issuers with a view to achieving capital appreciation and significant tax benefits for limited partners.

The partnership’s portfolio is expected to consist primarily of securities of resource companies whose principal business will be: primarily, oil and gas exploration, development, and/or production and certain energy production that may incur CRCE’s; and to a lesser extent, mining exploration, development, and/or production.

Sprott 2010 Corp., the general partner of the partnership, expects limited partners to receive tax deductions equal to 100% of the gross proceeds of the offering for the 2010 taxation year.

The partnership has retained Sprott Asset Management LP to provide investment, management and administrative services to Sprott 2010 Corp. The management team responsible for the execution of the partnership’s investment strategy is comprised of Allan Jacobs and Eric Nuttall. In addition, the partnership will also benefit from the insights of Sprott Asset’s team of investment managers, including Eric Sprott, John Embry and Charles Oliver.

The offering was made through a syndicate of agents co-led by RBC Capital Markets and TD Securities Inc. and which included CIBC World Markets Inc., BMO Capital Markets, National Bank Financial Inc., Dundee Securities Corp., Scotia Capital Inc., Canaccord Financial Ltd., GMP Securities L.P., HSBC Securities (Canada) Inc., Macquarie Capital Markets Canada Ltd., Desjardins Securities Inc., Manulife Securities Incorporated and Wellington West Capital Markets Inc.

Sprott Asset Management LP is subsidiary of Sprott Inc. (TSX:SII).

IE