Mavrix Fund Management Inc. reports the initial closing of the Mavrix Explore 2007-II FT Limited Partnership.

Toronto-based Mavrix says the $33.8 million in gross proceeds raised by the offering represent the largest initial closing of a Mavrix resource flow-through limited partnership to date.

The LP will invest in a diversified portfolio of flow-through shares issued primarily by mining companies with exploration activities in Canada. The final closing is scheduled to occur on or before October 16.

The maximum size of the offering is $50 million and is being co-led by Dundee Securities Corp., CIBC World Markets Inc., RBC Capital Markets Inc., and TD Securities Inc.

Other syndicate members include Canaccord Capital Corp., Scotia Capital Inc., Blackmont Capital Inc., Raymond James Ltd., Wellington West Capital Inc., Berkshire Securities Inc., GMP Securities L.P., IPC Securities Corp., Bieber Securities Inc., Desjardins Securities Inc., MGI Securities Inc., Argosy Securities Inc., Industrial Alliance Securities Inc., and Laurentian Bank Securities Inc.