September 9, 2004 -First Asset Funds Inc. is pleased to announce that First Asset Renewable Power Flow-Through Limited Partnership (the "Partnership") has completed an initial closing of its public offering of 1,662,460 Series I Units of the Partnership representing initial gross proceeds of $16,624,600.
The Partnership's investment objectives are: (i) to make investments in Canadian issuers engaged in renewable electric power generation, primarily those using wind and hydro resources, energy efficiency system development, energy distribution and related infrastructure development (the "Renewable Energy Issuers"); (ii) shortly after December, 2006, to provide investors with monthly distributions of income; and (iii) to maximize tax benefits for investors through investments in flow-through shares of Renewable Energy Issuers.
First Asset Power Funds Inc., the Partnership's general partner, has retained First Asset Investment Management Inc. ("FAIMI") to work on developing and implementing all aspects of the Partnership's communications, marketing and distribution strategies and thereafter to provide investment advisory services to the Partnership, including in particular supervising the activities of the Partnership's investment specialist. FAIMI is a wholly-owned subsidiary of First Asset Management Inc. ("First Asset"), a leading Canadian asset management company focused on providing sophisticated products and services to the institutional, high net worth and affluent markets.
FAIMI has retained Quantum Leap Asset Management Limited, an asset management subsidiary of The Quantum Leap Company Limited ("Quantum Leap"), to assist the Partnership with implementing its investment strategy by identifying, structuring and monitoring all investments of the Partnership. Quantum Leap is a private operating, financial and strategic advisory firm focused exclusively in the renewable energy and efficiency marketplace and, within that marketplace, is a leading Canadian private equity investor.
The syndicate of agents for this offering was led by CIBC World Markets Inc., BMO Nesbitt Burns Inc. and TD Securities Inc., and included National Bank Financial Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corporation, Desjardins Securities Inc., Dundee Securities Corporation, First Associates Investments Inc., Raymond James Ltd., Wellington West Capital Inc. and Orion Securities Inc.
For further information, please contact Tanya Carey, Investor Relations, First Asset Funds Inc. at 1-877-642-1289.