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Stone 2010 Flow-Through Limited Partnership Closes $12 Million Initial Public Offering

Published: 06/17/2010

By Peter A. Dunne, Brian P. Koscak, Christopher B. Norton

On May 27, 2010, Stone 2010 Flow-Through GP Inc. completed the initial public offering of units of Stone 2010 Flow-Through Limited Partnership at $25 per unit. The Partnership raised total gross proceeds of $11,871,050. 

The Partnership will invest primarily in flow-through shares of resource issuers engaged in oil and gas and mineral exploration in Canada with a view to the preservation of capital and achieving capital appreciation of the Partnership's investments. Stone Asset Management Limited will act as portfolio manager to the Partnership and will, prior to December 31, 2010, endeavour to invest all proceeds available for investment primarily in flow-through shares of resource issuers that will agree to incur Canadian Exploration Expense ("CEE") in carrying out exploration in Canada and renounce CEE to the Partnership. Limited Partners with sufficient income may be entitled to claim certain deductions from income and non-refundable investment tax credits where available, for income tax purposes for the 2010 taxation year.

The offering is made by a syndicate of agents co-led by CIBC, National Bank Financial Inc. and RBC Capital Markets and includes BMO Capital Markets, Scotia Capital Inc., Canaccord Genuity Corp. (formerly Canaccord Financial Ltd.), Manulife Securities Incorporated, Raymond James Ltd., Wellington West Capital Markets Inc., HSBC Securities (Canada) Inc., Macquarie Capital Markets Canada Ltd., Burgeonvest Bick Securities Limited and Mackie Research Capital Corporation.

Cassels Brock acted for Stone 2010 Flow-Through GP Inc. with a team that included Peter Dunne (Securities), Brian Koscak (Securities), David Swain (Securities), Chris Norton (Tax), Michael Platt (Tax) and Bruce Bell (Banking).