Ninepoint Partners Announces First Closing of Ninepoint 2019 Flow-Through Limited Partnership
February 14 2019 - 10:26AM
Ninepoint Partners LP (“Ninepoint”) is pleased to announce that the
Ninepoint 2019 Flow-Through Limited Partnership (the “Partnership”)
has completed the first closing in connection with its offering of
limited partnership units (the “Units”) pursuant to a prospectus
dated January 29, 2019. The Partnership issued 622,936 units for
gross proceeds of $15,573,400. The Partnership will have a second
closing in respect of the Units on or about March 26, 2019. The
Units are being offered at a price per Unit of $25.00 with a
minimum subscription of 100 Units ($2,500).
The Partnership has retained Sprott Asset
Management LP (“Sprott”) to act as sub-advisor to the Partnership.
The Partnership intends to provide liquidity to limited partners
through a rollover to the Ninepoint Resource Class prior to
February 28, 2021.
Investment Objective of the
PartnershipThe Partnership’s investment objective is to
achieve capital appreciation and significant tax benefits for
Limited Partners by investing in a diversified portfolio of
Flow-Through Shares and other securities, if any, of Resource
Issuers.
Attractive Tax-Reduction
BenefitsFlow-through partnerships are one of the most
effective tax reduction strategies available to Canadians.
Ninepoint anticipates that investors participating in the
Partnership will be eligible to receive a tax deduction of
approximately 100% of the amount invested.
Resource ExpertiseThe
Partnership will be sub-advised by Sprott, one of Canada’s leading
investment advisors in small and mid- cap resource companies. Over
its long history of investing in the resource sector, Sprott has
developed relationships with hundreds of companies. Its experienced
team of portfolio managers is supported by a team of technical
experts with extensive backgrounds in mining and geology.
Portfolio manager Jason Mayer will manage the
portfolio of the Partnership and will be supported by Sprott’s
broader team of experienced resource investment professionals.
AgentsThe offering is being
made through a syndicate of agents led by RBC Capital Markets,
which includes CIBC Capital Markets, TD Securities Inc., National
Bank Financial Inc., BMO Nesbitt Burns Inc., Scotia Capital Inc.,
GMP Securities L.P., Industrial Alliance Securities Inc., Manulife
Securities Incorporated, Raymond James Ltd., Canaccord Genuity
Corp., Desjardins Securities Inc., and Echelon Wealth Partners
Inc.
About Ninepoint Partners
LPBased in Toronto, Ninepoint Partners LP is one of
Canada’s leading alternative investment management firms overseeing
approximately $2.5 billion in assets under management. Committed to
helping investors explore innovative investment solutions that have
the potential to enhance returns and manage portfolio risk,
Ninepoint offers a diverse set of alternative strategies including
North American Equity, Global Equity, Real Assets & Alternative
Income.
Ninepoint is an operating company that has been
created to assume portfolio management of the Canadian diversified
assets of Sprott Asset Management LP, including actively managed
hedge and mutual funds.
For more information on Ninepoint Partners LP,
please visit www.ninepoint.com or inquiries regarding the
offering, please contact us at (416) 943-6707 or (866) 299-9906 or
invest@ninepoint.com.
About Sprott Asset Management
LPSprott Asset Management LP is an alternative asset
manager and a global leader in precious metal and real asset
investments. Through its subsidiaries in Canada, the US and Asia,
the Corporation is dedicated to providing investors with
best-in-class investment strategies that include Exchange Listed
Products, Alternative Asset Management and Private Resource
Investments. The Corporation also operates Merchant Banking and
Brokerage businesses in both Canada and the US. Sprott is based in
Toronto with offices in New York, Carlsbad and Vancouver and its
common shares are listed on the Toronto Stock Exchange under the
symbol (TSX:SII). For more information, please visit
www.sprott.com.
Certain statements included in this news release
constitute forward-looking statements, including, but not limited
to, those identified by the expressions “expects”, “intends”,
“anticipates”, “will” and similar expressions to the extent that
they relate to the Partnership. The forward-looking statements are
not historical facts but reflect the General Partner’s, Ninepoint’s
and Sprott’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, Ninepoint and Sprott believe 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 Ninepoint or Sprott 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.
This offering is only made by
prospectus. The Partnership’s prospectus contains important
detailed information about the securities being offered. Copies of
the prospectus may be obtained from your IIROC registered financial
advisor. Investors should read the prospectus before making an
investment decision.
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