Mavrix Fund Management Inc. today announced the initial closing of the sale of limited partnership units of Mavrix Explore 2008-II FT Limited Partnership. The sale raised gross proceeds of $6.45 million.

Mavrix, the manager and portfolio advisor of the LP, says 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 October 30.

The maximum size of the offering is $50 million. The syndicate is being led by Canaccord Capital Corp. with other syndicate members including CIBC World Markets Inc., Dundee Securities Corp., BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., Blackmont Capital Inc., M Partners Inc., Raymond James Ltd., Wellington West Capital Inc., Argosy Securities Inc., Desjardins Securities Inc., MGI Securities Inc., and Research Capital Corp.

IE