Mavrix Fund Management Inc. has announced the initial closing of the sale of limited partnership units of the Mavrix Explore 2010-I FT Limited Partnership.

Gross proceeds raised were $7.36 million.

The partnership will primarily invest in flow-through shares of resource issuers engaged in mineral or oil and gas exploration in Canada, with a view to maximizing the tax benefit of an investment in the partnership’s units, preserving capital and achieving capital appreciation for limited partners.

The partnership intends to focus on companies in the intermediate and junior resource sector with advanced exploration programs. The maximum size of the offering is $50 million. The next closing of the offering is expected to occur on May 31, 2010.

Mavrix is the manager and portfolio advisor of the partnership.

The syndicate of agents for the offering is being led by Dundee Securities Corporation and includes BMO Nesbitt Burns Inc., Canaccord Financial Ltd., Scotia Capital Inc., Raymond James Ltd., Desjardins Securities Inc., GMP Securities L.P., M Partners Inc., Macquarie Capital Markets Canada Ltd., Wellington West Capital Markets Inc., Industrial Alliance Securities Inc., Queensbury Securities Inc. and Mackie Research Capital Corporation.

Mavrix closes sale of Québec 2010 Flow Through LP

Mavrix also announced on Friday the second closing of the sale of limited partnership units of Mavrix Québec 2010 Flow Through LP.

Gross proceeds raised to date are approximately $4.8 million.

The partnership will invest in a diversified portfolio of flow-through shares issued primarily by mining companies with exploration activities in the province of Québec. Mavrix is the manager and portfolio advisor of the partnership.

The next closing of the offering is scheduled to occur on or about May 31, 2010. The maximum size of the offering is $20 million.

The syndicate of agents is being led by Desjardins Securities Inc. and includes Dundee Securities Corporation, Industrial Alliance Securities Inc., GMP Securities L.P., Laurentian Bank Securities Inc., Canaccord Financial Ltd. and Wellington West Capital Markets Inc.

IE