Fairway Energy (06) Flow-Through Limited Partnership

Fairway Energy (06) Flow-Through Limited Partnership

November 02, 2006 11:30 ET

Fairway Energy '06' Flow-Through Limited Partnership-Final Close-November 9, 2006 at Noon

TORONTO, ONTARIO--(CCNMatthews - Nov. 2, 2006) - Fairway Energy (06) Flow-Through Limited Partnership announces that the book will close on its final public offering of Partnership Units at noon on November 9, 2006. The Partnership issued 518,793 Partnership Units for gross proceeds of $12,969,825 on its first closing on October 10, 2006. Please note: the book may close without notice once it is sold out.

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 is being 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:

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.

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.

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
    (604) 684-5750 or 1-866-688-5750
    Website: www.fairwaycapital.com