TORONTO: Sentry Select Capital Corp. (“Sentry Select” or the “Manager”) is pleased to announce that a final prospectus for 130/30 Mining LP (the “Partnership”) has been filed with, and a receipt therefor issued by, the securities regulatory authorities in each of the provinces and territories of Canada. The Partnership will issue Class A Units and Class F Units (collectively, the “Units”).
Cash option: Prospective purchasers may purchase Units by cash payment. The Offering price is $10.00 per Class A Unit and $10.00 per Class F Unit.
Investment objectives: The Partnership will invest in an actively managed long/short portfolio consisting primarily of equity and debt securities of metals and minerals mining and exploration issuers (“Mining Issuers”) that are listed on a North American stock exchange, using a 130/30 approach with the view to:
Investment Strategy: The 130/30 strategy is designed to enable the Manager to invest 100% of the net proceeds in long positions of Mining Issuers. The Manager then has the discretion to sell short securities (in any sector) with a value of up to 30% of the NAV at the time the short sales are made. The cash proceeds from the short sales may then be used to increase the long positions by an amount equal to the short sales, up to 30% of NAV. The net result is a portfolio of up to 130% of NAV in long positions, up to 30% of NAV in short positions, creating a net long exposure of 100% of NAV. The relative value of these long/short positions will vary during the life of the Partnership.
Closing: The closing is expected to occur on or about June 27, 2008
Rollover: To provide potential for liquidity and long-term growth of capital, the General Partner intends to implement a Rollover at a date no later than July 31, 2010, pursuant to which the assets of the Partnership would be transferred to Sentry Select Corporate Class Ltd. or another mutual fund that is a reporting issuer, on a tax deferred basis, in exchange for mutual fund shares, following which such shares will be distributed to the Limited Partners pro rata on a tax deferred basis upon the dissolution of the Partnership. If the Partnership completes a Rollover with Sentry Select Corporate Class Ltd., the Partnership will receive shares of Sentry Select Mining Opportunities Class.
Sentry Select Capital Corp.: Sentry Select Capital Corp. is a Canadian wealth management company that manages over $6 billion in gross assets, including over $800 million in Mining Issuers, as of March 31, 2008. 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.
Agents: The syndicate of agents is co-led by CIBC World Markets Inc., BMO Capital Markets and National Bank Financial Inc., and includes Canaccord Capital Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Dundee Securities Corporation, GMP Securities L.P., Blackmont Capital Inc., Wellington West Capital Inc., Berkshire Securities Inc., Desjardins Securities Inc., Industrial Alliance Securities Inc., Jory Capital Inc., Laurentian Bank Securities Inc., Research Capital Corporation and Richardson Partners Financial Limited.
More information: Investor Services (broker/investor inquiries) or Kinga Lam (media inquiries) Tel: 1-888-246-6656 Fax: 416-364-1197 email@example.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 Sentry Select’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 Sentry Select 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. Sentry Select 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.
This offering is only made by a prospectus dated May 29, 2008. The prospectus contains important information relating to these securities. Copies of the prospectus may be obtained from any of the Agents. Investors should read the prospectus before making an investment decision.
All capitalized terms noted herein but not defined are as per the prospectus dated May 29, 2008.
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).