Mavrix Fund Management Inc. has completed the final closing of the Mavrix Resource Fund 2004-II Limited Partnership. Mavrix said today that the offering raised gross proceeds of $23.2 million.

The limited partnership will invest in a diversified portfolio of flow-through shares issued primarily by mining companies.

Mavrix has been manager of three prior flow-through limited partnerships including the Mavrix Resource Fund 2004 LP that earlier this year raised gross proceeds of $24.7 million. Depending on the applicable provincial tax rate, the 2002 flow-through had an after tax cumulative return to March 2004 from 59% to 75% at the time of its completion. The 2003 limited partnership is expected to roll over in early 2005. Both 2004 limited partnerships are expected to roll over in early 2006.

The lead agent for the offering was Canaccord Capital Corp. Other syndicate members included National Bank Financial Inc., TD Securities Inc., Dundee Securities Corp., First Associates Investments Inc., HSBC Securities (Canada) Inc., Raymond James Ltd., Berkshire Securities Inc., GMP Capital Inc., McFarlane Gordon Inc., Wellington West Capital Inc., and Union Securities Ltd.