Qwest Investment Management Corp. announced that Qwest Energy 2008 Flow-Through Limited Partnership completed its first closing of its public offering of Partnership Units on March 6, 2008. The Partnership issued 244,970 Units for gross proceeds of $6,124,250. The book for the Partnership will be re-opened tomorrow and a second closing will occur in early April, 2008.
The Partnership has been organized to provide investors with a tax-assisted investment in a diversified portfolio of flow-through shares of resource issuers whose shares are publicly traded and, to a lesser extent, flow-through shares of private resource issuers, with a view to achieving capital appreciation for investors. The principal business of the resource issuers will be oil and gas exploration, development and production and also mineral exploration, development and production or certain energy production that may incur certain start-up phase costs of renewable energy and energy efficient projects.
Investors will be eligible to receive tax benefits through participation in the Partnership and are expected to receive a deduction for the 2008 tax year of approximately 100% of the amount of their investment as further described in the final prospectus.
Dundee Securities Corporation, CIBC World Markets, RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., Berkshire Securities Inc., Canaccord Capital Corporation, GMP Securities L.P., HSBC Securities (Canada) Inc., Raymond James Ltd., and Wellington West Capital Inc.
A final prospectus relating to the Partnership has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. This news release shall not constitute an offer to sell or a solicitation to purchase, nor shall there be any sale or any acceptance of an offer to purchase units of the Partnership in any province or territory of Canada prior to the receipt for the final prospectus or other authorization is obtained from a securities commission or similar authority.
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