Fairway Energy (06) Flow-Through Limited Partnership

Fairway Energy (06) Flow-Through Limited Partnership

November 10, 2006 13:45 ET

Fairway Energy '06' Flow-Through Limited Partnership Closed-November 10, 2006

TORONTO, ONTARIO--(CCNMatthews - Nov. 10, 2006) - Fairway Energy (06) Flow-Through Limited Partnership announces that that it completed the final closing of its public offering of Partnership Units. The Partnership issued 518,793 Partnership Units for gross proceeds of $12,969,825 on its first closing on October 10, 2006 and 536,870 Partnership Units for gross proceeds of $13,421,750 on November 10, 2006. The combined total of Partnership Units issued was 1,055,663 for a total of $26,391,575 raised.

Partnership Objectives

The Partnership will provide Limited Partners with a tax-assisted investment in a diversified portfolio of Flow-Through Shares of Resource Companies with a view to achieving capital appreciation for Limited Partners. The principal business of the Resource Companies will be oil and gas exploration, development and/or production.

The Syndicate

The syndicate of agents for the offering was led by CIBC World Markets Inc. and includes Scotia Capital Inc., Blackmont Securities Inc., Desjardins Securities Inc., Dundee Securities Corporation, HSBC Securities (Canada) Inc., Canaccord Capital Corporation, GMP Securities L.P., Raymond James Ltd., Wellington West Capital Inc., MGI Securities Inc., IPC Securities Corporation, Sprott Securities Inc., and Tristone Capital Inc.

Tax Benefits

Investors will be able to receive tax deductions for 2006 of approximately 100% of the amount of their investment based on completion of the maximum offering and certain other exemptions as set forth in the Final Prospectus.

Investment Guidelines

The Partnership has developed certain investment guidelines which govern the Partnership's overall investment activities. These investment guidelines provide, among other things, that the Partnership will invest pursuant to the following policies and restrictions:



Investment Restrictions
Type of Investment (% of NAV upon investment)
---------------------------------------------------------------------------

Resource Companies listed on a stock exchange At least 80%

Resource Companies listed and posted for trading
on the TSX, NYSE, AMEX or the Nasdaq National
Market At least 50%

Illiquid Investment (including securities of
Resource companies that are not publicly traded) Up to 20%

Investment in any one Resource Company Up to 20%

Investment in Related Entities Up to 10%


In addition, the Investment Portfolio will be managed, at all times, in such a way as to preserve the ability to undertake a future Liquidity Event, such as a rollover into a mutual fund corporation.

Offering Jurisdictions

Each of the provinces and territories of Canada.

Investment Manager

Jove Investment Management Inc. ("Jove") is a wholly owned subsidiary of Jovian Capital Corporation ("Jovian") and has been retained by the General Partner as Investment Manager to provide investment advisory and portfolio management services to the Partnership. Jove was incorporated in 1997 under the laws of Ontario and provides management and fund management services for funds, managed accounts and high net-worth individuals. Mr. Peter Linder will manage the Partnership's investment portfolio on behalf of Jove.

Jovian is a publicly traded company listed on the TSX Venture Exchange (JVN). Jovian is a holding and management company with interests in a variety of financial service firms specializing in wealth and asset management. The Jovian group of companies operates as a national financial services organization with approximately $11.7 billion of client assets. The Jovian group of companies provide wealth accumulation, asset protection and service solutions under a number of consumer brands. Jovian provides overall structure, strategic direction and management oversight, as well as economies of scale to each of its related companies.

Fairway Energy (06) Flow-Through Limited Partnership has filed a final prospectus dated September 28, 2006 in each of the provinces and territories of Canada, relating to the initial public offering of Units of the Partnership. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities.


Contact Information

  • Fairway Energy (06) Flow-Through Management Corp.
    Hugh Cartwright
    President
    (604) 684-5750 or 1-866-688-5750
    Website: www.fairwaycapital.com