|
NovaDX Completes Faircourt CSCRF Offering; Reaches $32 million in Flow-Through Funds Under Active Management
NovaDX Ventures Corp, President & CEO, Neil MacDonald, reports:
(Vancouver, BC, April 9, 2008) NovaDX Ventures Corp ("NovaDX") - TSX-V:NDX - is pleased to announce that the second and final closing of the Faircourt CSCRF 2008 No. 1 Limited Partnership (the "Partnership") initial public offering occurred on April 8, 2008.
The total sales for the second closing amounted to 116,040 units at a price of $10.00 per unit, raising gross proceeds of $1,160,400. In combination with the initial closing on March 11, 2008, the Partnership sold a total of 531,894 units for gross proceeds of $5,318,940.
The Partnership is jointly sponsored by Vancouver-based NovaDX and Faircourt Asset Management Inc. of Toronto. 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.
"This was a challenging environment for flow-through offerings," said NovaDX CEO Neil MacDonald, "and we're very thankful for the continued support that we received from Investment Advisors and their clients from across Canada."
"It's interesting to note that since last summer, market valuations in the junior exploration sector have dropped despite rising commodity prices and strong long-term fundamentals in global commodity markets. This opens up some attractive flow-through investment opportunities in promising mining and oil & gas exploration companies that we hope to take advantage of in the Partnership's portfolio over the next several weeks and months."
NovaDX now actively administers an aggregate total of more than $32 million in flowthrough limited partnerships through its wholly owned Canadian Small Cap Resource Fund Management Company subsidiaries and through the Faircourt CSCRF joint venture. NovaDX 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 Partnership's unit offering was 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 were available for sale in all provinces in Canada except Quebec.
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.
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 NovaDX: 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 fund administration and advisory services. For more information please visit www.novadx.com.
ON BEHALF OF THE BOARD
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. 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.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The company cautions readers that forward-looking statements, including without limitation those relating to the company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
For more information, please contact Neil MacDonald, Rick Peterson or Adam Ho at 604-633-2776 or send us an email at
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
.
|
