On August 16, 2006, Creststreet announced that it had completed the closing of its initial public offering of Creststreet 2006 (II) Limited Partnership units, raising a total of $40 million. Net proceeds will be invested in flow-through shares of Canadian resource companies with a focus on companies involved in natural gas exploration and development. The Fund's objective is to preserve capital and generate capital appreciation on the Partnership's investments. Creststreet's investment strategy is to invest in flow-through securities that: represent good value in relation to the market price and intrinsic value of the Resource Issuer's shares; have experienced and capable senior management; have a strong exploration or development program; and offer potential for future growth. Creststreet is an investment management firm specializing in structuring and managing high quality energy focused investment products for Canadian and international institutional and high net worth investors. The offering was made through a syndicate of investment dealers led by Scotia Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc. and RBC Capital Markets. Fasken Martineau advised the syndicate with a team comprised of Anil Aggarwal, Krisztian Toth and Mitchell Thaw.