On August 22, 2024, Maple Leaf Critical Minerals 2024-II Enhanced Flow-Through Limited Partnership, a British Columbia-based entity, launched an offering of National Class and Québec Class limited partnership units, aiming to raise a maximum of CAD 55 million. The offering included Series A and Series F units, priced at CAD 25 each, with a minimum subscription of 200 units per investor. The National Class targeted investments across Canada, while the Québec Class focused on opportunities in Québec, with both portfolios primarily investing in Flow-Through Shares of resource companies engaged in mining critical minerals.

The partnership’s investment strategy emphasized maximizing tax benefits and achieving capital appreciation for investors. The offering’s proceeds were designated for acquiring Flow-Through Shares and covering partnership expenses, with specific allocations to the National and Québec portfolios based on unit subscriptions. The partnership planned to implement a liquidity event by December 31, 2025, potentially involving a mutual fund rollover transaction.

The offering was advised by Borden Ladner Gervais LLP for the partnership and Fasken Martineau DuMoulin LLP for the agents. The gross proceeds were estimated at CAD 55 million, with agents’ fees and offering expenses totaling CAD 3.66 million, leaving net proceeds of CAD 51.34 million available for investment.