Pennant Capital Partners Inc.

August 31, 2011 09:34 ET

Pennant Capital Partners Announce Closing of Pacific Alberta Income Fund

CALGARY, ALBERTA--(Marketwire - Aug. 31, 2011) -

Pennant Capital Partners Inc. ("Pennant"), in conjunction with Pacific Investments and Development Ltd. ("Pacific"), is pleased to announce the closing of the Pacific Alberta Income Fund. Pennant was chosen as the exclusive Exempt Market Dealer (selling agent) with total proceeds of $52,135,650 raised on the offering. The offering was fully subscribed for in a matter of weeks.

"We are extremely pleased with the results of this financing and to have been chosen to work with Pacific, a highly focused land developer with an exceptional track record," said David Rankine, President of Pennant. "This is an excellent example of Pennant's strategy to focus on the very best private investment alternatives that are continuing to become increasingly more sought after opportunities by our clients to provide useful diversification outside of volatile public equity markets."

About the Pacific Alberta Income Fund

In October 2010, Pacific became aware that the Province of Alberta was selling a 980.54 acre parcel of Crown Land located in the immediate vicinity of Fort McMurray (Southlands Business Lands). Given obvious economic growth potential in the Regional Municipality of Wood Buffalo and the scarcity of commercial and industrial lands in the region, Pacific assembled a team of land development and marketing professionals with extensive experience in the region to evaluate, approach, and ultimately acquire the land from the Alberta government.

Their successful presentation to win the right to purchase the lands took over five months of consultation and proposal development for Alberta Infrastructure. Pacific was awarded the land on the strength of its vision for the project and commitment to the sustainable growth of the community.

About Pacific Investments and Development Ltd.

Since 1994, Pacific Investments and Development Ltd. has demonstrated the consistent ability to discover and develop properties in markets with exceptional growth potential, in both the domestic and international arenas. Pacific's highly focused, tenacious management style and professional integrity has also contributed greatly to a successful exit on 14 projects to date, averaging a 33.9% return per year for investors over the past 14 years.

About Pennant Capital Partners Inc.

Pennant Capital Partners is a National Exempt Market Dealer based in Calgary, Alberta. Pennant is registered and has Dealing Representatives in British Columbia, Alberta, Saskatchewan, Ontario & Quebec. Pennant's focus is on private investment alternatives that offer clients a unique way to maintain diversification outside of public markets and mutual funds. With access to portfolio management capability and a high quality network of Dealing Representatives, Pennant assists clients in developing strategies within the alternative asset category. In addition, Pennant looks to finance exceptional opportunities with high quality private issuers as well as seeking qualified individuals to join our rapidly growing team of Dealing Representatives.

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