TORONTO, ONTARIO--(Marketwire - Feb. 24, 2011) - NCE Resources Group is pleased to announce that NCE Diversified Flow-Through (11) Limited Partnership (the "Partnership") closed on February 24, 2011, raising gross proceeds of $100,000,000 and issuing 4,000,000 units of the Partnership.
Flow-through shares
The Partnership has been created for the purpose of investing in flow-through shares of resource companies engaged in oil and gas exploration, development and/or production, mineral exploration, development and/or production, renewable energy exploration and development, and shares of related resource business issuers such as pipeline or service companies and utilities. The actual allocation of the Partnership's investment portfolio will be determined based on the investment opportunities available at the time of investment. The Partnership will endeavor to invest all gross proceeds of this offering in flow-through shares by December 31, 2011.
Objective of the Partnership
The objective of the Partnership is to achieve capital appreciation and to maximize the tax benefits received by investors. The Partnership will initially invest in flow-through shares of resource companies.
Tax benefits
Investors will be eligible to receive tax benefits through participation in the Partnership, which is expected to include a deduction in 2011 of an amount equal to approximately 100% of their investment based on completion of the maximum offering and on certain other assumptions as set forth in the prospectus.
Manager and Portfolio advisor
The general partner, NCE Diversified Management (11) Corp. (the "General Partner") has retained Sentry Select Capital Inc. (the "Manager" or "Sentry") as the Manager of the Partnership, to direct the business, operations and affairs of the Partnership and provide day-to- day management services to the Partnership on behalf of the General Partner, including, without limitation, the provision of advice on and the management of the investment portfolio of the Partnership.
General Partner
The General Partner is a corporation incorporated under the laws of the Province of Ontario. The General Partner is a member of the NCE Resources Group, which is an oil and gas 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 $4.2 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 oil and gas industry participants.
Agents
The syndicate of agents, co-led by CIBC, RBC Capital Markets and National Bank Financial Inc., includes BMO Capital Markets, TD Securities Inc., GMP Securities L.P., HSBC Securities (Canada) Inc., Scotia Capital Inc., Canaccord Genuity Corp., Dundee Securities Corporation, Raymond James Ltd., Macquarie Private Wealth Inc., Manulife Securities Incorporated, Desjardins Securities Inc., Industrial Alliance Securities Inc., Laurentian Bank Securities Inc., M Partners Inc., Mackie Research Capital Corporation and Wellington West Capital Markets Inc.
Sentry Investments
Sentry Investments is a Canadian asset management company that offers a diverse range of investment products including mutual funds, hedge funds, flow-through limited partnerships and other alternative investments, covering a variety of domestic and global mandates.
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect," "intend," "will" and similar expressions to the extent that they relate to the Partnership. Forward-looking statements in this news release include statements regarding the eligibility and receipt of tax benefits by investors through participation in the Partnership. The forward-looking statements are not historical facts but reflect the General Partner's and Sentry's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the General Partner and Sentry believe that the assumptions inherent in the forward- looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Neither the General Partner nor Sentry undertake any obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
| Sentry Select Capital Inc. |
| The Exchange Tower |
| 130 King Street West |
| Suite 2850, P.O. Box 104 |
| Toronto, Ontario M5X 1A4 |
| Telephone: (416) 861-8729 |
| Fax: (416) 364-5615 |
Contact Information: Sentry Select Capital Inc
Investor Services
(broker/investor inquiries)
1-888-730-4623
416-364-1197 (FAX)
info@sentry.ca
www.sentry.ca