Mavrix Fund Management Inc. has completed the previously announced plan of arrangement for the acquisition of the company by GrowthWorks Ltd., the company said Wednesday.

Under the plan, 1796862 Ontario Ltd., a wholly owned subsidiary of GrowthWorks Ltd., has acquired all of Mavrix’s common shares for $0.25 per share in cash.

It is expected that Mavrix common shares will be de-listed from the Toronto Stock Exchange later this week or early next week.

As previously announced, the publicly listed 8% convertible debentures will also be de-listed from the TSX within the next week. The company has applied for listing of those debentures on the Canadian National Stock Exchange, Mavrix said in a release.

Mavrix also announced related amendments to its $6 million 10% subordinated debenture. The amendments include an extension of the maturity date of the debenture from July 2, 2011 to a staged maturity with principal repayments on each of July 2, 2012, 2013 and 2014. Mavrix may further extend the first two payments, subject to a 1.5% interest rate increase on the extended amount.

The interest rate under the debenture has been re-set, Mavrix added. No interest is payable for the period from July 3, 2009 to July 2, 2010 and interest is payable at 8.0% per year from July 3, 2010 to July 2, 2011, 9.33% from July 3, 2011 to July 2, 2012 and 10.0% from July 3, 2012 to maturity.

IE