Mavrix Fund Management Inc. today announced initial closings on two of its limited partnerships.

It sold 3,178,953 Mavrix Explore 2006-II FT Limited Partnership units for gross proceeds of $31,789,530 at the initial closing on September 29, 2006. This represents the largest initial closing of a Mavrix resource flow-through limited partnership historically, the firm said in a release.

As manager of the LP, Mavrix says, it “intends to primarily invest the funds raised in flow-through shares in Canada’s burgeoning mining sector as well as oil and gas exploration development companies that offer growth potential and to provide Limited Partners the ability to claim certain 2006 tax deductions.” A secondary closing is intended to occur on October 30, 2006.”

It also sold 710,750 units of Mavrix Explore Quebec 2006 FT Limited Partnership for gross proceeds of $7,107,500 at the initial closing on September 29, 2006. Mavrix says it intends to invest the funds raised in flow-through shares primarily in Quebec’s mining sector “as well as oil and gas exploration development companies that offer growth potential and to provide limited partners the ability to claim certain 2006 tax deductions.” A secondary closing is intended to occur on or about October 27, 2006.