Mavrix Fund Management Inc.

Mavrix Fund Management Inc.
Matrix Asset Management Inc.
TSX : MTA

Matrix Asset Management Inc.

February 11, 2010 16:45 ET

Mavrix Fund Management Inc. Repaying 8% Convertible Debentures

TORONTO, ONTARIO--(Marketwire - Feb. 11, 2010) - Mavrix Fund Management Inc. ("Mavrix") announced today that effective as of March 15, 2010 (the "Redemption Date"), Mavrix will redeem all of its 8% Convertible Unsecured Subordinated Debentures with an aggregate principal amount of $3,050,000 (the "Debentures").

On the Redemption Date, holders of the Debentures will be entitled, for each $1,000 principal amount of Debenture held, to receive $1,000 principal amount together with $16.22 in interest accrued thereon to the Redemption Date (the "Redemption Price").

All interest payable on the Debentures pursuant to the Trust Indenture dated May 31, 2005 will cease to be payable from and after the Redemption Date and the ability of holders of Debentures to convert such Debentures into common shares of Mavrix at a rate of $3.50 principal amount for each Mavrix common share will terminate at 4:00pm (Toronto time) on March 12, 2010. There is no trading market for common shares of Mavrix.

It is anticipated that the Debentures will be de-listed from the Canadian National Stock Exchange effective on the Redemption Date. As all of Mavrix's outstanding common shares were acquired by GrowthWorks Ltd. in 2009, following the Redemption Date Mavrix will apply to cease as a reporting issuer under Canadian securities laws. 

Holders of Debentures should refer to the Notice sent today for details on the redemption procedure.

About Mavrix Fund Management Inc.

Mavrix Fund Management Inc. is an asset management company founded and operated by experienced portfolio managers. The company offers a focused line-up of concentrated, actively managed funds that aim to complement mainstream funds. Mavrix supports its products by providing financial advisors with regular and direct access to portfolio managers and unbiased commentary, which has enabled the company to become a trusted advisor to its clients. Mavrix is headquartered in Toronto with offices in Montreal. Mavrix is a subsidiary of Matrix Asset Management Inc.(TSX:MTA). Matrix manages combined assets of approximately $3 billion through three operating divisions – institutional asset management, conventional and specialty mutual funds, and venture capital/private equity.

Contact Information

  • Mavrix Fund Management Inc.
    David Balsdon, Chief Compliance Officer, Secretary-Treasurer
    and Vice-President
    (416) 365-4201
    dbalsdon@mavrixfunds.com