CGF Resource 2006 Flow-through Limited Partnership

October 21, 2008 13:46 ET

CGF Resource 2006 Flow-Through Limited Partnership Announces Status of Partnership Wind-Up

CALGARY, ALBERTA--(Marketwire - Oct. 21, 2008) - At the special meeting of the limited partners ("Limited Partners") of CGF Resource 2006 Flow-Through Limited Partnership (the "Partnership") held August 21, 2008, Limited Partners approved an extraordinary resolution that provided each Limited Partner with the option of electing, on the dissolution of the Partnership, either:

(a) to receive their pro rata share of the net assets of the Partnership in cash; or

(b) to appoint, CGF 2006 FT Management Ltd., as general partner of the Partnership (the "General Partner"), as such Limited Partner's agent to invest its pro rata share of the net assets to which such Limited Partner is entitled, indirectly through a registered dealer, in limited partnership units ("2008 Units") of CGF Resource 2008 Flow-Through Limited Partnership (the "2008 Partnership"); or

(c) a combination of (a) and (b).

60% of the Limited Partners elected to receive their pro rata share of the net assets of the Partnership in cash with the remaining 40% receiving 2008 Units.

The portfolio of the Partnership has been substantially liquidated. The General Partner advises the estimated net asset value per unit (each a "2006 Unit") of the Partnership on termination as at October 17, 2008 was $13.44, which (subject to the disposition of the remaining unsold securities) will be distributed in two tranches for both those Limited Partners that elected to receive cash and for those Limited Partners receiving 2008 Units.

The first tranche in the amount of:

(a) $12.04 per 2006 Unit for those Limited Partners that elected to receive cash; or

(b) 0.4816 2008 Units per 2006 Unit for all other Limited Partners,
will be distributed on October 21, 2008, in connection with the closing of the initial public offering of 2008 Units of the 2008 Partnership.

The General Partner expects that the distribution of the final tranche of cash and 2008 Units will be made on or before November 30, 2008 and in any event as soon as is practicable after the disposition of the Partnership's remaining securities.

Contact Information

  • CGF Resource 2006 Flow-Through Limited Partnership
    Joe MacDonald
    Executive Vice President, Sales and Marketing
    1-877-261-9674
    Website: www.citadelfunds.com