Toronto-basd Mavrix Fund Management Inc. announced on Thursday the initial closing of the sale of Mavrix Explore 2009-I FT LP limited partnership units.

Gross proceeds raised were $3.9 million. The LP will invest in a diversified portfolio of flow-through shares issued by companies engaged primarily in mineral or oil and gas exploration activities in Canada. A second closing of the offering is scheduled to occur on or about June 30.

Mavrix is the manager and portfolio advisor of the LP and the maximum size of the offering is $30 million.

Canaccord Capital Corporation is leading the syndicate, with other syndicate members including CIBC World Markets Inc., Dundee Securities Corp., BMO Capital Markets, Scotia Capital Inc., Raymond James Ltd., Blackmont Capital Inc., Desjardins Securities Inc., M Partners Inc., Wellington West Capital Markets Inc., Industrial Alliance Securities Inc., Queensbury Securities Inc., and Research Capital Corp.

This offering is only made by prospectus.