| | Wed May 16, 2007
Canadian Small Cap Resource Fund 2007 No. 1 Limited Partnership ("The Partnership")
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| | CSCRF 2007 No.1 LP Announces the First Closing of the Partnership Offering With $6.9 Million Raised For Flow-Through Investments
CSCRF 2007 No.1 LP President, CEO & Director Stephen Wilkinson Reports: Vancouver - May 16, 2007 -- The Partnership is pleased to announce the first closing of the Canadian Small Cap Resource Fund 2007 No. 1 Flow-Through Limited Partnership (the "Partnership") Offering on May 16, 2007. The first closing consisted of the sale of 692,607 units at a price of $10.00 per unit, raising gross proceeds of $6,926,070. Canadian Small Cap Resource Fund 2007 No. 1 Management Ltd, the general partner to the Partnership is a wholly owned subsidiary of NovaDX Ventures Corp.
"We are very pleased with this closing and the performance of our fund management group in completing this closing," said Partnership President & CEO Stephen Wilkinson. "This closing significantly increases the total funds CSCRF has under management and administration, further enhancing our ability to support promising junior exploration companies in Canada."
The offering was made on a best efforts agency basis by a syndicate led by Blackmont Capital Inc. that includes TD Securities Inc., Berkshire Securities Inc., Canaccord Capital Corporation, Raymond James Ltd., Pacific International Securities Inc., IPC Securities Corp., Jory Capital Inc., Leede Financial Markets Inc. and Union Securities Ltd.
"We think this is a strong vote of confidence in the CSCRF track record, and it recognizes the expertise of CSCRF's Investment Committee in selecting these investments," added Mr. Wilkinson.
The Partnership's objective is to provide its Limited Partners with a tax assisted investment in a diversified portfolio of flow-through shares of resource issuers engaged primarily in mineral or oil & gas exploration, with a view to earning income, maximizing the tax benefit of an investment in the units, preserving capital and achieving capital appreciation for the Limited Partners. It is expected that substantially all of the investment in the Units will be fully tax deductible, with 100% of the deduction available in 2007. An additional 15% federal investment tax credit may also be available to investors on qualified Canadian Exploration Expenses.
Bolder Investment Partners has been retained as advisor to the Partnership in respect of investment and portfolio management decisions. It will advise the investment portfolio with a view to capital appreciation on the Partnership's investments. The investment strategy is to invest in Flow-Through Shares of Resource Issuers that are considered to represent good value, have experienced and capable senior management, have a strong exploration program in place and offer potential for future growth.
Further information on the Partnership and a copy of the prospectus may be obtained from any member of the offering syndicate. Details on our previous offerings in 2004, 2005 and 2006 together with information on our portfolios may be obtained form our website, www.cscrf.ca.
Independent Review Committee Members Named
The Partnership is also pleased to announce the appointment of an Independent Review Committee ("IRC") for the Partnership and other CSCRF Limited Partnerships under administration by NovaDX in accordance with applicable securities legislation.
The IRC is comprised of three members, all of whom are independent of NovaDX and its affiliates. The members, who have been appointed for a three-year term as of and from May 1, 2007, are:
• Al W. Zwack, President and CEO of PrimeWest Mortgage Investment Corporation in Saskatoon, Saskatchewan
• Irene Seiferling, Principal, Board Dynamics, Saskatoon, Saskatchewan
• Gary A. Meschishnick, Lawyer, WMCS Lawyers & Mediators, Saskatoon, Saskatchewan
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the qualification under the securities laws of such jurisdiction.
NOT FOR DISTRIBUTION IN THE UNITED STATES OR UNITED STATES WIRE SERVICES
On the behalf of the Partnership:
Stephen Wilkinson
President, CEO & Director
888-350-8818
604-331-1223 |
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| | You can view the Next CSCRF Corporate News item: Thu Jun 28, 2007, Canadian Small Cap Resource Fund 2007 No. 1 Limited Partnership ("The Partnership") Final Closing Of Partnership Offering -- $10.3 Million Raised For Flow-Through Investments
You can view the Previous CSCRF Corporate News item: Thu Apr 19, 2007, Canadian Small Cap Resource Funds Management Acquired by NovaDX Ventures Corp
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