TORONTO, November 15, 2006 - First Asset Funds Inc. is pleased to announce that First Asset Renewable Power Flow-Through LP IV (the "Partnership") has completed an initial closing of its public offering. The Partnership sold 909,160 units for gross proceeds of $9,091,600. The Partnership is offering up to 3.5 million units ($35 million) and a second and final closing will be held on December 1, 2006.
The Partnership has been created to provide its limited partners with exposure to an investment in the securities of Renewable Energy Issuers on a tax-assisted basis, and ultimately to provide liquidity and distributions through an exchange transaction (anticipated to occur on or before March 31, 2009). Renewable Energy Issuers engage primarily in renewable electric power generation, particularly using wind and hydro resources, energy efficiency system development, energy distribution and related infrastructure. The Partnership will endeavour to maximize tax benefits for Limited Partners primarily through investments in Flow-Through Shares of Renewable Energy Issuers including shares that result in Limited Partners receiving 2006 tax deductions equal to at least 80% of their investments.
First Asset Investment Management Inc. believes that an investment in Renewable Energy Issuers offers attractive risk-adjusted return potential, including the opportunity for capital appreciation from, among other things, the growth opportunities arising from an increasing imbalance between the supply and demand for power.
The Partnership is First Asset's fourth in the series of partnerships focused on renewable power.
The syndicate of agents for this offering is being led by CIBC World Markets Inc. and includes BMO Nesbitt Burns Inc., National Bank Financial Inc., TD Securities Inc., Blackmont Capital Inc., Dundee Securities Corporation, Canaccord Capital Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Wellington West Capital Inc., Berkshire Securities Inc., Desjardins Securities Inc., IPC Securities Corporation, Research Capital Corporation and Sprott Securities Inc.
For further information, please call Rob MacNiven, Investor Relations, First Asset Funds Inc. at 416-642-1289 or 1-877-642-1289 or visit www.firstassetfunds.com.