Canoe 2012 Flow-Through LP

February 16, 2012 17:38 ET

Canoe Completes Initial Closing for the Canoe 2012 Flow-Through LP

CALGARY, ALBERTA--(Marketwire - Feb. 16, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.

Canoe Financial LP (the "Manager" or "Canoe"), today announced that it has completed the first closing for the initial public offering of limited partnership units ("Units") of the Canoe 2012 Flow-Through LP (the "Partnership"), in each of the provinces of Canada, except Quebec. The total number of Units issued was 405,266 at $25.00 per Unit, resulting in gross proceeds raised for the Partnership of approximately $10.1 million. The Partnership expects that there will be a second closing for this Offering in March.

The Partnership's investment objective is to provide Limited Partners with exposure to quality, tax-advantaged energy investments within two separate portfolios, consisting primarily of (i) Canadian Exploration Expense ("CEE") Flow-Through Shares of Resource Companies (the "Class CEE Portfolio"); and (ii) Canadian Development Expense ("CDE") Flow-Through Shares of Resource Companies (the "Class CDE Portfolio", and together with the Class CEE Portfolio, the "Investment Portfolios"). The Partnership provides the choice of investing in either the Class CEE Portfolio or the Class CDE Portfolio or a combination of both, allowing investors to target their specific investment requirements. Approximately 62% of proceeds raised were allocated to the Class CDE Portfolio, the balance of the proceeds were allocated to the Class CEE Portfolio.

The Investment Portfolios will be managed by Canoe Financial LP, a Calgary-based investment management firm with approximately $1.6 billion in assets under management. Canoe's investment team has extensive experience investing in and operating oil and natural gas companies, as well as financing and structuring energy-related transactions.

The offering is being conducted by a syndicate of agents co-led by CIBC and RBC Capital Markets and includes BMO Capital Markets, TD Securities Inc., National Bank Financial Inc., Scotia Capital Inc., Canaccord Genuity Corp., Manulife Securities Incorporated, Mackie Research Capital Corporation, Macquarie Private Wealth Inc., Dundee Securities Ltd., GMP Securities LP, and Raymond James Ltd.

The offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from the Agents listed above or on SEDAR at www.sedar.com. Investors should read the prospectus before making an investment decision. These Units are not offered for sale to residents of the United States.

About Canoe Financial LP

Canoe Financial is an investment management firm focused on building financial wealth for Canadians through investing in Canada. Its 'GO CANADA!' investment thesis reflects Canoe's strategic confidence in Canada as a place to invest. With continued global urbanization, increasing worldwide demand for resources, and Canada's sound fiscal structure, Canoe believes this country provides long-term growth potential for investors.

Canoe is one of Canada's fastest-growing investment fund companies and currently manages approximately $1.6 billion in assets through its investment products. To learn more about Canoe Financial, visit www.canoefinancial.com.

Forward Looking Statement: Certain statements included in this news release constitute forward looking statements which reflect Canoe Financial's current expectations regarding future results or events. Words such as "may," "will," "should," "could," "anticipate," "believe," "expect," "intend," "plan," "potential," "continue" and similar expressions have been used to identify these forward-looking statements. Forward-looking statements involve significant risks and uncertainties and a number of factors could cause actual results to materially differ from expectations discussed in the forward looking statements including, but not limited to, changes in general economic and market conditions and other risk factors. Although the forward-looking statements are based on what Canoe Financial 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.

This communication is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Such an offer can only be made by way of a prospectus or other applicable offering document and should be read carefully before making any investment. This release is for information purposes only. Investors should consult their Investment Advisor for details and risk factors regarding specific strategies and various investment products.

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