Norrep Short Duration 2016 Flow-Through Limited Partnership Completes Rollover Transaction

CALGARY, ALBERTA--(Marketwired - April 10, 2017) - Norrep Capital Management Ltd. (Norrep Capital), the promoter and manager of the Norrep Short Duration 2016 Flow-Through Limited Partnership (the Partnership) announces that the previously announced tax deferred transfer of the assets of the Partnership to Norrep Opportunities Corp. (Norrep Opportunities), an open end mutual fund corporation, in exchange for MF Series shares of Norrep Energy Class, a class of shares of Norrep Opportunities (MF Series Shares), has been completed effective April 10, 2017 (the Liquidity Transaction).

The net asset values were calculated as at the close of business on April 10, 2017. The Partnership closed at a final price of $7.72 per unit. The Partnership received an aggregate of 788,082 MF Series Shares with a net asset value of approximately $7,712,176. As a result of the transfer, each limited partner of the Partnership will receive, effective upon dissolution of the Partnership, approximately 0.7894 of a MF Series Share for each limited partnership unit based on a net asset value of $7.72 per unit. The estimated adjusted cost base for the Partnership is $2.4427 per unit, which translates to $3.0946 per share for the MF Series Shares distributed to limited partners. The MF Series Shares will be distributed to the limited partners within five business days following the date of dissolution of the Partnership.

The Partnership will be dissolved in accordance with the Partnership Act (Alberta) on April 11, 2017.

Norrep Energy Class is a publicly offered mutual fund, as are the other classes of Norrep Opportunities. Norrep Opportunities is managed by Norrep Capital, which is also the portfolio adviser to the Partnership.

There are no fees for investors related to the Liquidity Transaction and no costs associated with the Liquidity Transaction will be charged to Norrep Opportunities. The Liquidity Transaction does not represent a taxable event. Investors may defer the capital gains tax liability that would otherwise occur upon the disposition of the investment by continuing to hold the MF Series Shares of Norrep Energy Class. Due to recent changes to Canadian tax laws, Limited Partners are no longer able to switch into another mutual fund class within the multi-class structure of Norrep Opportunities on a tax-deferred basis. However, Limited Partners may sell their Norrep Energy Class shares and invest in any other Norrep investment fund:

Information about Norrep Opportunities, including Norrep Energy Class

Information about Norrep Energy Class, Norrep Opportunities and Norrep Core Portfolios Ltd. is available in their respective Fund Facts documents, simplified prospectus, annual information form, management reports of fund performance and financial statements. You can obtain a copy of these documents at your request and at no cost by contacting Norrep toll free at: 1-877-431-1407, by e-mailing info@norrep.com, by downloading from www.norrep.com or www.sedar.com or from your financial advisor.

Norrep Capital Management Ltd. is a Canadian investment management firm with offices in Calgary and Toronto.

Certain information set forth in this press release, including a discussion of the timing and completion of the dissolution of the Partnership, 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 receipt of any required consents or approvals. Actual results, performance or achievement could differ from those expressed in or implied by these forward-looking statements and there is no assurance that the dissolution will be completed when stated or at all.