Stone & Co. Limited

Stone & Co. Limited

May 31, 2005 16:28 ET

Stone 2005 Flow-Through Limited Partnership Completes Initial Closing Of IPO

TORONTO, ONTARIO--(CCNMatthews - May 31, 2005) - Stone & Co. Limited ("SCL"), promoter of the Stone 2005 Flow-Through Limited Partnership ("Stone 2005 FTLP"), announced today that Stone 2005 FTLP has completed the initial closing of its public offering to raise gross aggregate proceeds of up to CDN $30,000,000 for investment in flow-through shares of Canadian resource companies, primarily relating to oil and gas and mining exploration. Gross proceeds of $4,149,200, representing 165,968 limited partnership units at $25 per unit were raised at the closing which took place on May 30, 2005. It is expected that additional closings will be completed in the next several months.

Stone 2005 FTLP filed a final prospectus in respect of the offering dated May 20th, 2005 with securities commissions and regulatory agencies in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia, New Brunswick and the Northwest Territories. Stone 2005 FTLP will, prior to December 31, 2005, endeavor to invest all proceeds available for investment in flow-through shares of resource companies for which the limited partners of the Stone 2005 FTLP will be entitled to claim certain tax credits and deductions.

The offering was made through a syndicate of investment dealers led by Wellington West Capital Inc., a full-service independent investment dealer based in Winnipeg, Manitoba with offices across Canada. The syndicate group includes Canaccord Capital Corporation, HSBC Securities Canada, Berkshire Securities Inc., Burgeonvest Securities Limited, IPC Securities Corporation, and Acadian Securities Inc.

SCL is the manager of the Stone Mutual Funds and specializes in structuring and managing high quality investment products for Canadian investors. This is SCL's third flow-through fund offering. The chief investment strategist for the Stone 2005 FTLP is Martin Anstee, who has extensive experience in managing flow-through investments.

Contact Information

  • Stone & Co. Limited
    Wan Kim
    Senior Vice President, National Sales
    1 (877) 812 0792
    Wellington West Capital Inc.
    Tyler Wirvin
    Equity Capital Markets
    (204) 925 5142