TORONTO, April 15, 2020 (GLOBE NEWSWIRE) -- Ninepoint Partners LP (“Ninepoint”) is pleased to announce that the Ninepoint 2020 Flow-Through Limited Partnership (the “Partnership”) has completed the third and final closing in connection with its offering of limited partnership units of the National Class (“National Class Units”) and the Quebec Class (“Quebec Class Units”, together with the National Class Units, the “Units”) pursuant to a prospectus dated January 31, 2020. The Partnership raised $1,945,300 on the sale of an additional 62,412 National Class Units and 15,400 Quebec Class Units for aggregate gross proceeds of $25,130,000. The Units are being offered at a price per Unit of $25.00 with a minimum subscription of 100 Units ($2,500).
The Partnership has retained Sprott Asset Management LP (“Sprott”) to act as sub-advisor to the Partnership. The Partnership intends to provide liquidity to limited partners through a rollover to the Ninepoint Resource Class in the period between January 15, 2022 and February 28, 2022.
Investment Objective of the Partnership
The Partnership’s investment objective is to achieve capital appreciation and significant tax benefits for Limited Partners by investing in a diversified portfolio of Flow-Through Shares and other securities, if any, of Resource Issuers. Investments made with the proceeds from the National Class Units will be made in Resource Issuers across Canada and investments made with the proceeds from the Québec Class Units will be made in Resource Issuers carrying out activities primarily in the Province of Québec.
Attractive Tax-Reduction Benefits
Flow-through partnerships are one of the most effective tax reduction strategies available to Canadians. Ninepoint anticipates that investors participating in the Partnership will be eligible to receive a tax deduction of approximately 100% of the amount invested.
The Partnership will be sub-advised by Sprott, one of Canada’s leading investment advisors in small and mid- cap resource companies. Over its long history of investing in the resource sector, Sprott has developed relationships with hundreds of companies. Its experienced team of portfolio managers is supported by a team of technical experts with extensive backgrounds in mining and geology.
Portfolio manager Jason Mayer will manage the portfolio of the Partnership and will be supported by Sprott’s broader team of experienced resource investment professionals.
The offering is being made through a syndicate of agents led by RBC Dominion Securities Inc, which includes CIBC World Markets Inc., TD Securities Inc., National Bank Financial Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., Stifel Nicolaus Canada Inc., Industrial Alliance Securities Inc., Manulife Securities Incorporated, Raymond James Ltd., Canaccord Genuity Corp. and Desjardins Securities Inc.
About Ninepoint Partners LP
Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $6 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies including North American Equity, Global Equity, Real Assets & Alternative Income.
About Sprott Asset Management LP
Sprott is an alternative asset manager and a global leader in precious metal and real asset investments. Sprott is a subsidiary of Sprott Inc. (the “Corporation”). Through its subsidiaries in Canada, the US and Asia, the Corporation is dedicated to providing investors with best-in-class investment strategies that include Exchange Listed Products, Alternative Asset Management and Private Resource Investments. The Corporation also operates Merchant Banking and Brokerage businesses in both Canada and the US. Sprott is based in Toronto with offices in New York, Carlsbad and Vancouver and its common shares are listed on the Toronto Stock Exchange under the symbol (TSX: SII). For more information, please visit www.sprott.com.