Canadian Warrants

Additional information on the warrant offering may be found in the fund's short-form prospectus dated Jan. 14, 2010, which is available at SEDAR. Capitalized terms used but not otherwise defined are as defined in the prospectus.

The fund uses the book-entry only system administered by CDS Clearing and Depository Services Inc. with respect to units and warrants. The fund may also use the non-certificated issue system or another system administered by CDS.

A holder of warrants may subscribe for the resulting number of units or any lesser whole number of units by instructing the CDS participant holding the subscriber's warrants to exercise all or a specified number of such warrants and forwarding the offering and the warrant indenture to the CDS participant which holds the subscriber's warrants. The subscription price is payable in Canadian funds by certified cheque, bank draft or money order drawn to the order of a CDS participant, by direct debit from the subscriber's brokerage account or, by electronic funds transfer or other similar payment mechanism. All payments must be forwarded to the appropriate office of the CDS participant. The entire subscription price for units subscribed for must be paid at the time of subscription and must be received by the warrant agent prior to 5 p.m. (Toronto time) on the expiry date.

Each holder of warrants that subscribes for units to which such holder is entitled pursuant to the basic subscription privilege may, at any time during the exercise period, subscribe for additional units pursuant to the additional subscription privilege, if applicable, at a price equal to the subscription price for each additional unit. Holders of warrants must fully exercise all of their warrants under the basic subscription privilege in order to be eligible for the additional subscription privilege. To apply for additional units under the additional subscription privilege, a beneficial holder of warrants must forward their request to a CDS participant prior to 5 p.m. (Toronto time) on the expiry date. Payment for additional units, in the same manner as for units, must accompany the request when it is delivered to the CDS participant without interest or deduction. Accordingly, the subscriber must deliver payment and instructions sufficiently in advance of the expiry date to allow the CDS participant to properly exercise warrants on such subscriber's behalf and apply for additional units under the additional subscription privilege, as applicable.

The units of the partnership are not registered under the 1933 act. The offering is made in Canada and not outside of Canada. This offering is not, and under no circumstances is to be construed as, an offering of any units for sale in the United States or an offering to or for the account or benefit of any U.S. person or a solicitation therein of an offer to buy any securities. Accordingly, no subscriptions will be accepted from any person, or their agent, who appears to be, or who the fund has reason to believe is, a national or resident in the United States.

It is expected that the CDS participant for limited partners resident outside of Canada will, prior to the expiry date, attempt to sell for the warrants allotable to such limited partners at the price or prices it determines in its discretion. Any proceeds received by the CDS participant with respect to such warrants are expected to be delivered by the CDS participant as soon as practicable to such limited partners.

The warrants will be governed by the terms of a warrant indenture dated Jan. 14, 2010, between the fund and Computershare Trust Company of Canada, as warrant agent. The warrant indenture provides for appropriate adjustments to the warrants in the event of stock dividends, subdivisions, consolidations and other forms of capital reorganization. The fund will pay a fee at the time the warrants are exercised equal to 28 cents per unit to the dealer whose client is exercising the warrants.
 
First Asset Energy to list 1,175,539 warrants Feb. 26
 
2009-02-24 15:02 MST - Warrants Called to Trade
TSX bulletin 2009-0240
A total of up to 1,175,539 warrants of the fund will be listed and posted for trading at the open on Thursday, Feb. 26, 2009, on a when-issued basis, under the following trading information.
 
Warrant symbol:  TRF.WT
Warrant Cusip No.:  31862T 12 4
Warrant trading currency:  Canadian dollars
Designated market-maker:  Macquarie Capital Markets Canada Ltd.
Other markets:  None
 
The warrants are being issued to holders of outstanding limited partnership units of the fund of record as of the close on Monday, March 2, 2009, on the basis of one warrant for each unit held. Each warrant entitles the holder thereof to subscribe for one unit at a subscription price of $17.28 per unit until 5 p.m. (Toronto time) on July 23, 2009. The warrants may be exercised commencing on March 3, 2009. warrants not exercised by the expiry time will be void and of no value.

Holders of warrants who exercise their warrants in full are entitled to exercise an additional subscription privilege to purchase, on a pro rata basis, units not issued pursuant to the exercise of the basic subscription privilege by other holders of warrants, as set forth on page 8 of the fund's short form prospectus dated Feb. 18, 2009.

Registration of interests in and transfers shall be made through the book-based system operated by CDS Clearing and Depository Services Inc. Holders of warrants through CDS may transfers ownership of warrants through records maintained by CDS participants. Registered holders of warrants may transfer ownership of warrants by delivering the required documents to Computershare Trust Company of Canada.

The warrants are governed by the terms of a warrant indenture dated Feb. 18, 2009, between the fund and the warrant agent. The warrant indentures provide for appropriate adjustments to the warrants in the event of stock dividends, subdivisions, consolidations and other forms of capital reorganization.

Please see elsewhere in today's Toronto Stock Exchange bulletins for information regarding the distribution to unitholders of the fund.
First Asset Energy files final prospectus for offering

2009-02-18 16:46 MT - News Release

First Asset Energy & Resource Fund has filed a final short form prospectus relating to an offering of warrants to limited partners of the fund. Each limited partner of record on March 2, 2009, will receive one warrant for each unit held. One warrant will entitle the holder to purchase a unit of the fund at an exercise price of $17.28 (being the lesser of:

-The most recently published net asset value per unit prior to the date of the preliminary short form prospectus;
-The most recently calculated net asset value per unit prior to the date of the final short form prospectus) on or before July 23, 2009, the expiry date.

The fund has applied to list the warrants under the ticker symbol TRF.WT and the units issuable on the exercise thereof on the Toronto Stock Exchange. It is expected that the warrants will commence trading on Feb. 26, 2009, and will remain trading until noon (Toronto time) on the expiry date July 23, 2009.

Successful completion of the warrants offering will provide the fund with additional capital that can be used to take advantage of attractive investment opportunities, and it is also expected to increase the trading liquidity of the units and reduce the continuing management expense ratio of the fund.