FINANCING / RE: Middlefield Group - Announcing Final Closing Of IPO
MRF 1998 III Limited Partnership
JANUARY 5, 1999
TORONTO, ONTARIO--Middlefield Group, on behalf of MRF 1998 III
Limited Partnership, is pleased to announce the completion of the
final closing of its public offering on December 31, 1998. The
Partnership has issued 19,161 Units for gross proceeds of
$19,161,000.
The Partnership invested in flow-through shares of the following
companies: Poco Petroleum Ltd., Compton Petroleum Corp., Blue
Range Resource Corporation, Magin Energy Inc., Merit Energy Ltd.,
Probe Exploration Inc. and Tri Link Resources Ltd.
Investors in the Partnership will own an interest in the above
listed portfolio of public Canadian oil and gas company common
shares purchased on a "flow-through" basis. This means that
investors will be able to fully deduct their investment from
taxable income. Units will be rolled into a top performing
resource mutual fund, the Middlefield Growth Fund, in early 2001.
The Growth Fund was ranked number one in the three and five year
periods ending September 30, 1998 by the Financial Post Report on
Mutual Funds.
MRF 1998 III Limited Partnership is Middlefield's 20th resource
investment partnership since 1987. Middlefields's partnerships
have raised $325 million, including over $60 million in 1998, for
investment in flow-through shares of Canadian resource companies.
Over the past 15 years, Middlefield has acted as agent or manager
for over $600 million in equity capital invested in the resource
sector.
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