NCE Flow-Through Completes Units Offering

On June 27, 2003, NCE Flow-Through (2003) Limited Partnership completed a public offering of $38.4 million of limited partnership units. NCE will invest in flow-through shares of resource issuers whose principal business is oil and gas exploration, development and/or production or, to a lesser extent and subject to certain limitations, resource issuers involved in mineral exploration, development and/or production or resource issuers involved in the generation of electrical and heat energy who qualify for Canadian renewable and conservation expenses, as defined in the Income Tax Act.

The agent syndicate was led by National Bank Financial Inc. and CIBC World Markets Inc., and included BMO Nesbitt Burns Inc., TD Securities Inc., Dundee Securities Corporation, First Associates Investments Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corporation, Raymond James Ltd., Berkshire Securities Inc., FirstEnergy Capital Corp., Griffiths McBurney & Partners, Jory Capital Inc. and Wellington West Capital Inc.

NCE was represented by Goodman and Carr LLP, with a team led by Marvin Singer, and including Linda Misetich (corporate) and Bernard Morris (tax). The agents were represented by Osler, Hoskin & Harcourt LLP, with a team led by Chris Murray, and including Jack Silverson (tax) and Desmond Lee (corporate).