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NCE Diversified Flow-Through (08) Limited Partnership raises $102 million at first closing
2008-02-21

TORONTO: NCE Resources Group is pleased to announce that NCE Diversified Flow-Through (08) Limited Partnership (the “Partnership”) completed its first closing, raising gross proceeds of $102,345,375 and issuing 4,093,815 units.

Final closing: The final closing is expected to occur on or about March 27, 2008.

Flow-through shares: The Partnership has been created for the purpose of investing in flow-through shares of resource issuers engaged in oil and gas exploration, development and/or production or mineral exploration, development and/or production or, to a lesser extent and subject to certain limitations, resource issuers involved in renewable energy exploration and development which qualify for Canadian renewable and conservation expenses. The actual allocation of the Partnership’s investment portfolio will be determined based on the investment opportunities available during the investment period. The Partnership will endeavour to invest all proceeds available for investment by December 31, 2008.

Objective of the Partnership: The objective of the Partnership is to achieve capital appreciation and to maximize the tax benefits received by investors.

Tax benefits: Investors will be eligible to receive tax benefits through participation in the Partnership, including a deduction in 2008 of approximately 100% of the amount of their investment based on certain assumptions as set forth in the prospectus.

Offering price: The price per unit is $25.00 with a minimum subscription of 200 units ($5,000).

Investment advisor: The general partner has retained Sentry Select Capital Corp. (“Sentry Select”) to select potential investments and to provide advice on and manage the investment portfolio of the Partnership. Sentry Select is a Canadian wealth management company that manages approximately $8 billion in gross assets as of December 31, 2007. The company offers a diverse range of investment products including closed-end trusts, mutual funds, principal-protected notes and flow-through limited partnerships, covering a variety of domestic and global mandates. Sentry Select is the manager and/or advisor to 30 Toronto Stock Exchange-listed reporting issuers. In addition, Sentry Select manages and/or provides advisory services to four reporting issuers listed on the TSX Venture Exchange.

Management: The general partner is a corporation formed under the laws of the Province of Ontario. The general partner is a member of the NCE Resources Group, which is an oil and gas investment management organization specializing in energy investments and providing a full range of technical, operational, administrative and investor services. Since 1984, the NCE Resources Group has invested or managed the investment of more than $3.9 billion in the acquisition, development and exploration of resource properties and securities of resource issuers, and has entered into drilling, joint venture and other similar arrangements with oil and gas industry participants.

Agents: The syndicate of agents, co-led by RBC Capital Markets and CIBC World Markets Inc., includes BMO Capital Markets, National Bank Financial Inc., TD Securities Inc., Scotia Capital Inc., Canaccord Adams, HSBC Securities (Canada) Inc., Raymond James Ltd., Dundee Securities Corporation, GMP Securities L.P., Berkshire Securities Inc., Blackmont Capital Inc., Jory Capital Inc., Richardson Partners Financial Limited, Wellington West Capital Inc., Desjardins Securities Inc., IPC Securities Corporation, Laurentian Bank Securities Inc. and Research Capital Corporation.

More information: Investor Services (broker/investor inquiries) or Kinga Lam (media inquiries) Tel: 1-888-246-6656 Fax: 416-364-1197 info@sentryselect.com

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions ‘‘expect’’, ‘‘intend’’, “will” and similar expressions to the extent they relate to the Partnership. The forward-looking statements are not historical facts but reflect the Partnership’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Partnership believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Partnership undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

A final prospectus dated January 16, 2008 relating to these securities has been filed with the securities regulatory authority in each of the provinces and territories of Canada. Important information concerning this offering is contained in the prospectus. Obtain a copy from your financial advisor and read the prospectus before investing.


Documents (including press releases) regarding the various investment funds that are managed or advised by Sentry are provided for information purposes only and cannot be relied on to be complete, exhaustive or error-free unless the complete set of documents for any given investment fund with respect to which information is being sought is reviewed and then only on SEDAR (www.sedar.com).