| | Thu Mar 13, 2008
Faircourt CSCRF 2008 No. 1 Limited Partnership Announces $4.1 Million First Close
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| | March 13, 2008 -- Faircourt CSCRF 2008 No. 1 Limited Partnership (the "Partnership") is pleased to announce that the first closing of its offering of limited partnership units ("Units") took place on March 11, 2008 with the sale of 415,854 Units at a price of $10.00 per Unit, raising gross proceeds of $4,158,540. The Partnership, which is jointly sponsored by NovaDX and by Faircourt Asset Management, may hold additional closings of sales of Units up to May 15, 2008.
The Faircourt CSCRF 2008 Unit offering is being made on a commercially reasonable efforts agency basis by a syndicate co-led by Blackmont Capital Inc. and CIBC World Markets Inc. and including TD Securities Inc., BMO Capital Markets, Scotia Capital Inc., Berkshire Securities Inc., Canaccord Adams, Raymond James Ltd., GMP Securities L.P., IPC Securities Corporation, Jory Capital Inc., and Wellington West Capital Inc. Units are available for sale in all provinces in Canada except Quebec.
The offering is for a maximum of $25,000,000 and a minimum of $3,000,000. The Units are priced at $10.00 per Unit, with a minimum subscription of 250 Units ($2,500).
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 with a view to maximizing the tax benefit of an investment in the units 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 in 2008. An additional 15% Federal investment tax credit may also be available to investors on certain qualified Canadian Exploration Expenses.
Investments will be made with the intent to create a diversified portfolio of primarily mineral and, to a lesser extent, oil and gas exploration companies as well as "alternative energy" issuers. The Partnership's investment strategy is to invest in flow-through shares of resource issuers that it considers to represent good value, have experienced and capable senior management, have a strong exploration program in place and offer potential for future growth. Bolder Investment Partners, Ltd. has been retained as the Portfolio Advisor.
NovaDX, through its wholly owned Canadian Small Cap Resource Fund Management Company subsidiaries, is the administrator of Canadian Small Cap Resource Fund 2004 LP, Canadian Small Cap Resource Fund 2005 LP, Canadian Small Cap Resource Fund 2006 No. 1 LP, Canadian Small Cap Resource Fund 2006 No. 2 LP, Canadian Small Cap Resource Fund 2007 No. 1 LP and the Canadian Small Cap Resource Fund 2007 No. 2 LP (the "CSCRF LPs"). These LP offerings have raised an aggregate total of $37.5 million that has been invested in flow-through shares of junior exploration companies in Canada's mining and oil & gas sectors.
Faircourt is a Toronto-based investment firm that structures value added tax-advantaged investment solutions for Canadian retail investors. Since inception in 2003, Faircourt has raised more than $750 million in structured investment products, including TSX-listed closed end funds, corporate class mutual funds, and principal protected notes.
Further information on the Partnership and a copy of the prospectus may be obtained from any member of the offering syndicate or on the internet at www.sedar.com.
About the CSCRF Group: Canadian Small Cap Resource Funds is a leading, Vancouver-based investment management company that creates and distributes limited partnerships that invest in flow-through shares of Canadian junior mining and energy companies. CSCRF is a subsidiary of NovaDX Ventures Corp (NDX-V). For more information on the CSCRF Group, please visit www.cscrf.ca.
About NovaDX Ventures: NovaDX is a Vancouver-based investment firm whose primary focus is on providing merchant banking and other business advisory services to micro-cap natural resource issuers, a largely overlooked but important sector of the equity markets. NovaDX's business plan involves seeking out investment opportunities in companies that have quality management and projects that demonstrate an above average opportunity for new resource discoveries. NovaDX works closely with management of these companies with the objective of mitigating risk and enhancing the value of its investments. NovaDX intends to pursue opportunities in North America and abroad. NovaDX seeks a return on its investments supplemented with revenue from investment banking, investment management and advisory services. For more information please visit www.novadx.com.
NOT FOR DISTRIBUTION IN THE UNITED STATES OR UNITED STATES WIRE SERVICES
On the behalf of the Partnership:
Stephen Wilkinson
CEO & Director
888-350-8818
604-331-1223
For more information, call Rick Peterson or Adam Ho at 604-633-2776. |
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