49 North 2009 Resource Flow-Through Limited Partnership

49 North 2009 Resource Flow-Through Limited Partnership

December 16, 2009 17:35 ET

49 North 2009 Resource Flow-Through Limited Partnership Completes Final Closing of Its Initial Public Offering

SASKATOON, SASKATCHEWAN--(Marketwire - Dec. 16, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

49 North 2009 Resource Flow-Through Limited Partnership (the "2009 Fund") is pleased to announce that the final closing of its initial public offering of flow-through limited partnership units was completed on December 16, 2009 with the 2009 Fund receiving gross proceeds of CDN $1,797,000 on the sale of 179,700 units. This brings the total proceeds of the offering under its prospectus dated November 5, 2009 to CDN $8,328,800 on the sale of 832,880 units.

The 2009 Fund intends to invest the proceeds of the offering in a portfolio of flow-through shares and other securities of junior and intermediate resource issuers engaged in mineral or oil and gas exploration in Canada, with a view to achieving capital appreciation for limited partners. Subject to certain limitations as more particularly described in the 2009 Fund's final prospectus dated November 5, 2009 (a copy of which is available on SEDAR at www.sedar.com), limited partners with sufficient income will be entitled to claim deductions for qualifying Canadian exploration expenses and deemed Canadian exploration expenses renounced to the 2009 Fund and may be entitled to certain investment tax credits deductible from tax payable.

The offering was completed through a syndicate of agents led by MGI Securities Inc. and co-led by Canaccord Capital Corporation. Other members of the syndicate include Blackmont Capital Inc., GMP Securities L.P., Raymond James Ltd., Research Capital Corporation, Wellington West Capital Inc., Integral Wealth Securities Limited, M Partners Inc., Union Securities Ltd., Bolder Investment Partners, Ltd., Industrial Alliance Securities Inc. and Leede Financial Markets Inc.

Forward Looking Information: This release contains forward-looking information within the meaning of applicable Canadian securities legislation, including statements respecting the use of proceeds from that offering. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information. In addition, the forward-looking information contained in this release is based upon what management believes to be reasonable assumptions. Readers are cautioned not to place undue reliance on forward-looking information as it is inherently uncertain and no assurance can be given that the expectations reflected in such information will prove to be correct. The forward-looking information in this release is made as of the date hereof and, except as required under applicable securities legislation, the 2009 Fund assumes no obligation to update or revise such information to reflect new events or circumstances.

The securities of the 2009 Fund have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This release is issued for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Contact Information

  • 49 North 2009 Resource Fund Inc.
    general partner for 49 North 2009 Resource Flow-Through
    Limited Partnership
    Tom MacNeill, President and Chief Executive Officer
    (306) 653-2692
    ir@fnr.ca