CSCRF 2007 No. 1 LP Announces First Closing for $6.9 Million
| May 24, 2007 CSCRF 2007 No. 1 LP Announces First Closing for $6.9 Million |
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| NovaDX Ventures Corp, President & CEO, Neil MacDonald, reports: (Vancouver, BC, May 24, 2007) NovaDX Ventures Corp ("NovaDX") 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. "We are very pleased with this closing and the performance of our fund management group in completing this closing," said NovaDX President & CEO Neil MacDonald. "This closing significantly increases the total funds NovaDX has under management and administration, further enhancing our ability to support promising junior exploration companies in Canada, through investment and by providing strategic advice." 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. "Based on the support provided to us by our syndicate and selling group this year, we are optimistic that we'll be able to reach our target of raising a total of $25 million in flow-through funds for investments in the mining and oil & gas exploration sectors in Canada for 2007. 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 Neil MacDonald. "This closing brings the aggregate amount of flow through funds raised by the CSCRF group to nearly $30 million since inception of the CSCRF funds in 2004." 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. Independent Review Committee Members Named NovaDX 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:
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. Final prospectus relating to Canadian Small Cap Resource Fund 2007 No. 1 Limited Partnership has been filed and receipted with the securities regulatory authorities in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Nova Scotia. This letter does not constitute an offer to sell or a solicitation of an offer to buy the securities. A copy of the Final prospectus relating to Canadian Small Cap Resource Fund 2007 No 1 Limited Partnership may be obtained from Blackmont Capital, Suite 900, 181 Bay Street, PO Box 779, Toronto, ON M5J 2T3 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 or Rick Peterson at 604-622-2776 or send us an email at This e-mail address is being protected from spambots. You need JavaScript enabled to view it . |
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You can view the Next NovaDX Corporate News item: Tue May 29, 2007, NovaDX Closes $3,194,000 Private Placement |