Norrep Short Duration 2017 Flow-Through Limited Partnership Completes First Closing of Initial Public Offering

May 09, 2017

Calgary, Alberta – May 9, 2017 – Norrep Capital Management Ltd. is pleased to announce that Norrep Short Duration 2017 Flow-Through Limited Partnership (the “ Partnership”) has completed the first closing of its initial public offering of units of the Partnership (“ Partnership Units”). The Partnership issued 685,747 Partnership Units at $10.00 per Partnership Unit for gross proceeds of $6,857,470. The next closing of the offering is scheduled to occur on or about May 30, 2017. The offering is being made through a syndicate of investment dealers led by BMO Capital Markets and including CIBC Capital Markets, National Bank Financial Inc., RBC Capital Markets, Scotiabank, TD Securities Inc., GMP Securities L.P., Raymond James Ltd., Canaccord Genuity Corp., Desjardins Securities Inc., Industrial Alliance Securities Inc., Laurentian Bank Securities Inc. and Manulife Securities Incorporated (collectively, the “Agents”).

Funds raised by the Partnership will be invested in flow-through shares of resource companies whose principal business is oil & gas exploration and development, mineral exploration and development, and renewable energy development and production. The Partnership will focus on Canadian Development Expense (CDE) expenditures over Canadian Exploration Expense (CEE) expenditures. This shifts the nature of the underlying activities from higher risk exploration activities to lower risk development drilling that focuses on already identified oil & gas pools or mineral deposits.

Norrep Capital Management Ltd. manages or has managed 18 other flow-through limited partnerships that were formed to invest in flow-through shares of resource companies. Including the Partnership, these partnerships have raised total gross proceeds of approximately $549 million.

This offering is made only by a prospectus dated April 28, 2017 (the “Prospectus”). The Prospectus contains important detailed information about the securities being offered. Copies of the Prospectus may be obtained from any of the Agents. Investors should read the Prospectus before making an investment decision.

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Certain information set forth in this press release, including a discussion of future plans and operations, contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond management’s control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. Actual results, performance or achievement could differ from those expressed in or implied by these forward-looking statements.