CALGARY, ALBERTA--(Marketwired - April 30, 2014) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.
Hesperian Capital Management Ltd. announced today that Norrep Short Duration 2014 Flow-Through Limited Partnership (the "Partnership") has completed the third and final closing of its initial public offering of limited partnership units ("Partnership Units"). The Partnership issued 912,556 Partnership Units at $10.00 per Partnership Unit for gross proceeds of $9,125,560. In combination with the first and second closings, which occurred on February 27, 2014 and March 28, 2014, respectively, the Partnership has issued an aggregate of 3,981,185 Partnership Units at $10.00 per Partnership Unit for aggregate gross proceeds of $39,811,850. The offering was led by BMO Capital Markets and included CIBC, RBC Capital Markets, Scotiabank, National Bank Financial Inc., TD Securities Inc., GMP Securities L.P., Canaccord Genuity Corp., Raymond James Ltd., Burgeonvest Bick Securities Limited and Manulife Securities Incorporated.
About the Partnership
The Partnership has been organized to invest in flow-through shares of resource companies whose principal business is oil & gas exploration and development, mineral exploration and development, and renewable energy development and production.
The Partnership will focus on Canadian Development Expense (CDE) expenditures over Canadian Exploration Expense (CEE) expenditures. This shifts the nature of the underlying activities from higher risk exploration activities to lower risk development drilling which focuses on already identified oil & gas pools or mineral deposits.
Hesperian Capital Management Ltd. manages or has managed fifteen other public flow-through limited partnerships that were formed to invest in flow-through shares of resource companies. Including the Partnership, these partnerships have raised total gross proceeds of approximately $513 million.
Certain information set forth in this press release, including a discussion of future plans and operations, contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. Actual results, performance or achievement could differ from those expressed in or implied by these forward-looking statements. Although the forward-looking statements are based on what management believes to be reasonable assumptions, we cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the current date and we assume no obligation to update or revise them to reflect new events or circumstances, except as required by applicable securities laws.