NCE Diversified Flow-Through (06) Limited Partnership

March 21, 2006 11:50 ET

NCE Diversified Flow-Through '06' Limited Partnership Closes Offering; Raises $192.7 Million

TORONTO, ONTARIO--(CCNMatthews - March 21, 2006) - NCE Resources Group is pleased to announce that NCE Diversified Flow-Through (06) Limited Partnership (the "Partnership") completed its final closing on March 21, 2006, of 1,331,885 limited partnership units for aggregate gross proceeds of $33,297,125. Together with the first closing on February 23, 2006, the Partnership raised total gross proceeds of $192,730,700 and issued 7,709,228 units.

The Partnership

The Partnership was created for the purpose of investing in flow-through shares of certain resource companies. It is intended that all proceeds available for investment will be allocated by the Partnership among resource companies engaged in oil and gas exploration, development and/or production (including, to a lesser extent, resource issuers involved in renewable energy exploration and development), and resource companies engaged in mining exploration, development and/or production. The actual allocation of the Partnership's investment portfolio will be determined based on the investment opportunities available during the investment period. The Partnership will endeavour to invest all proceeds available for investment by December 31, 2006.

Objective of the Partnership

The objective of the Partnership is to achieve capital appreciation and to maximize the tax benefits received by investors.

Tax benefits

Investors will be eligible to receive tax benefits through participation in the Partnership, including an approximate 100% deduction in 2006 of the amount of their investment, based on completion of the maximum offering and on certain other assumptions as set forth in the prospectus.

Investment advisor and industry advisor

The general partner has retained Sentry Select Capital Corp. to select potential investments, and to provide advice on and manage the investment portfolio of the Partnership. Sentry Select is a wealth management company with gross assets under management of approximately $8.5 billion, including more than $3 billion in the natural resource and energy sector. The general partner has also retained Schachter Asset Management Ltd., a Canadian investment management firm, to provide it with general oil and gas industry advice.

Management

The general partner of the Partnership is a member of the NCE Resources Group, which is an oil and gas and mining investment management organization specializing in energy investments and providing a full range of technical, operational, administrative and investor services. Since 1984, the NCE Resources Group has invested, or managed the investment of, more than $2.0 billion in the acquisition, development and exploration of resource properties and securities of resource issuers, and has entered into drilling, joint venture and other similar arrangements with more than 400 oil and gas industry participants.

Agents

The Agents on the offering were CIBC World Markets Inc., RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Capital Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Berkshire Securities Inc., Dundee Securities Corporation, Blackmont Capital Inc., Desjardins Securities Inc., IPC Securities Corporation, Research Capital Corporation and Wellington West Capital Inc.



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Contact Information

  • Sentry Select Capital Corp.
    Investor Services
    (broker/investor inquiries)
    1 (888) 246-6656
    (416) 364-1197 (FAX)
    or
    Sentry Select Capital Corp.
    Brian McOstrich
    (media inquiries)
    1 (888) 246-665
    (416) 364-1197 (FAX)
    or
    Sentry Select Capital Corp.
    Katherine Pawling
    (Corporate Secretary)
    1 (888) 246-665
    (416) 364-1197 (FAX)
    info@sentryselect.com
    www.sentryselect.com