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VANCOUVER, Dec. 22,
2014 /CNW/ - REALnorth Opportunities Fund
("REALnorth") announced today that it has filed its final
prospectus (the "Prospectus") for the initial public
offering (the "Offering") of trust units ("Units")
with the securities commissions of all provinces in Canada other than Quebec.
Due to the proximity of the year-end, the
Offering will have multiple closings, the first of which will be on
December 30, 2014, with an additional
closing expected in early 2015. REALnorth's Prospectus now
accommodates multiple closings and the minimum Offering has been
adjusted from 18,000 Units ($18
million) to 10,000 Units ($10
million). The maximum Offering of 30,000 Units ($30 million) remains the same.
The Offering is on a best efforts basis by a
syndicate of agents co-led by Dundee Securities Ltd. and Scotia
Capital Inc. and including BMO Nesbitt Burns Inc., Canaccord
Genuity Corp., GMP Securities L.P., National Bank Financial Inc.,
Burgeonvest Bick Securities Ltd., Raymond James Ltd. and Integral
Wealth Securities Limited.
There have recently been two key developments in
British Columbia's north:
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1.
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Approval of Site C
Clean Energy Project
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On December 16, 2014,
the Province of British Columbia announced that it has approved the
Site C Clean Energy Project (the "Site C Project"), designed
to provide British Columbia with affordable, reliable clean power
for over 100 years. The Province confirmed that British Columbia's
population and economy are growing, and the demand for power is
expected to increase by 40% over the next 20 years.
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The Site C Project is
to be built at an estimated cost of over $8 billion by the British
Columbia Hydro and Power Authority and represents a large-scale
earth fill hydroelectric dam on the Peace River. It will be
situated in northeastern British Columbia, approximately seven
kilometres from the city of Fort St. John.
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2.
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Woodside Petroleum
Ltd. to purchase Apache Corporation's LNG Interests
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On December 15, 2014,
Woodside Petroleum Ltd. ("Woodside") of Australia announced
that it has entered into a binding transaction with Apache
Corporation ("Apache") to purchase various oil and gas
interests from Apache in Canada and Australia, including its 50%
interest in the Kitimat LNG project and natural gas interests in
the Horn River and Liard Basins located in northeastern British
Columbia.
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The Kitimat LNG
project is a joint venture with Chevron Canada Limited which
proposes to transport natural gas from northeastern British
Columbia by pipeline to a liquefied natural gas (LNG) facility to
be built close to the District of Kitimat in northwestern British
Columbia for the purposes of exporting LNG to customers in Asia.
This project has already received all major provincial and federal
approvals and is expected to create approximately 4,500
construction jobs.
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Stephen Evans,
Chair of REALnorth, stated, "We have received a very strong amount
of interest in the Offering from investors who understand the
diverse opportunities in Western
Canada's north, particularly in British Columbia. The announcement by the
Province of British Columbia that
it will proceed with the construction of the Site C Project and the
purchase by Woodside of Apache's LNG and other British Columbia assets are a further
testament to our view that there exist strong opportunities to
invest in real estate in the region."
Completion of REALnorth's initial public offering
is subject to, and conditional upon, the receipt of all necessary
approvals, including regulatory approvals.
These securities have not been, nor will they be,
registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States of America without
registration or an applicable exemption from the registration
requirements of that Act. This news release does not constitute an
offer for sale of these securities in the
United States of America.
About REALnorth Opportunities Fund
REALnorth exclusively focuses on Western Canada's north, a region bolstered by
rich resources and large projects, to invest on an opportunistic
basis in revenue producing real estate assets and development
properties which management believes provide attractive return
potential. These properties may include industrial and commercial
as well as multi-family and other residential real estate
opportunities.
Additional information relating to REALnorth,
including the Prospectus and other public filings, is available on
SEDAR at www.sedar.com.
Forward-Looking Information
This news release contains forward-looking
information within the meaning of applicable securities
legislation, which reflects REALnorth's current expectations
regarding future events. Forward-looking information is identified
by the use of terms and phrases such as "anticipate", "believe",
"could", "estimate", "expect", "intend", "may", "plan", "predict",
"project", "will", "would" and similar terms and phrases. In
particular, forward-looking statements in this news release
include, but are not limited to, statements regarding: the
intention to have multiple closings of the Offering and the timing
of each such closing. Forward-looking information is based on a
number of assumptions and is subject to a number of risks and
uncertainties, many of which are beyond REALnorth's control, that
could cause actual results and events to differ materially from
those that are disclosed in, or implied by, such forward-looking
information. Such risks and uncertainties include, but are not
limited to, failure to complete the initial public offering of
Units and related transactions, and the factors discussed under
"Risk Factors" in the Prospectus. The forward-looking information
contained herein is made as of the date of this news release and,
except as expressly required by applicable law, REALnorth assumes
no obligation to publicly update or revise such information,
whether as a result of new information, future events or
otherwise.
SOURCE REALnorth Opportunities Fund