Pathway Asset Management

Pathway Asset Management
Pathway 2010 GORR Limited Partnership

January 20, 2011 12:35 ET

Pathway 2010 GORR Limited Partnership- Initial Public Offering- Total Raised $4,863,770

TORONTO, ONTARIO--(Marketwire - Jan. 20, 2011) - Pathway 2010 GORR Limited Partnership (the "Partnership") reports that it has completed a closing of its Initial Public Offering (the "Offering") and raised total gross proceeds of $4,863,770 on the sale of 466,377 limited partnership units at $10.00 per unit pursuant to a Final Prospectus dated December 22, 2010 (the "Prospectus"), which is available on SEDAR at www.sedar.com. Wellington West Capital Inc., HSBC Securities (Canada) Inc., Burgeonvest Bick Securities Limited, Canaccord Genuity Corp., Dundee Securities Corporation, Mackie Research Capital Corporation, Desjardins Securities Inc., Industrial Alliance Securities Inc., Raymond James Ltd., Laurentian Bank Securities Inc., MacQuarie Capital Markets Canada Ltd., Union Securities Ltd. and M. Partners Inc. acted as agents in the Offering, with Wellington West acting as the lead agent. 

Following completion of the Offering, as more particularly described in the Prospectus, the Partnership will use its commercially reasonable best efforts to invest the proceeds of the Offering in Flow-Through Shares of Subsidiary Companies on or before December 31, 2010 pursuant to Investment Agreements requiring the Subsidiary Companies to renounce Eligible Expenditures effective not later than such date. The Investment Agreements will also provide that the Subsidiary Companies are obligated to incur CEE and Qualifying CDE by December 31, 2011. Subsidiary Companies will be formed with the sole purpose of entering into Joint Venture Agreements with oil & gas companies to participate directly in oil and/or natural gas development, production and/or exploration programs in target areas, with an emphasis on targets located in the Western Canadian Sedimentary Basin. The Subsidiary Companies will incur Eligible Expenditures pursuant to the Programs and will renounce them to the Partnership, which will in turn be allocated to the Limited Partners. 

The federal tax shelter identification number for the Partnership is TS 076885. The Quebec tax shelter identification number for the Partnership is QAF 10-01382.

The following 18 prospectus offerings through Pathway Asset Management from 2006 to and including 2010 all sold out and were oversubscribed: Pathway Mining 2006 Flow-Through Limited Partnership, Pathway Mining 2006-II Flow-Through Limited Partnership, Pathway Mining 2007 Flow-Through Limited Partnership, Pathway Mining 2007-II Flow-Through Limited Partnership, Pathway Mining 2007-III Flow-Through Limited Partnership, Pathway Québec Mining 2007 Flow-Through Limited Partnership, Pathway Mining 2008 Flow-Through Limited Partnership, Pathway Québec Mining 2008 Flow-Through Limited Partnership, Pathway Oil & Gas 2008 Flow-Through Limited Partnership, Pathway Québec Mining 2008-II Flow-Through Limited Partnership, Pathway Québec Mining 2009 Flow-Through Limited Partnership, Pathway Québec Mining 2009-II Flow-Through Limited Partnership, Pathway Mining 2009-II Flow-Through Limited Partnership, Pathway Québec Mining 2010 Flow-Through Limited Partnership, Pathway Mining 2010 Flow-Through Limited Partnership, Pathway Québec Mining 2010 Flow-Through Limited Partnership, Pathway Québec Mining 2010-II Flow-Through Limited Partnership and Pathway Mining 2010-II Flow-Through Limited Partnership.

Pathway Group's first offering – Pathway Mining 2005 Flow-Through Limited Partnership – which closed in late 2005, was dissolved 20 months ahead of schedule, on May 8, 2006, and rolled over into an RRSP-eligible mutual fund corporation (Pathway Multi Series Fund Inc.) to provide investors with early liquidity on a tax-deferred basis. At early dissolution, each $10 unit was worth $19.90. Pathway Group's second offering – Pathway Mining 2006 Flow-Through Limited Partnership – was also dissolved and rolled over 16 months ahead of schedule @ $11.19 per $10.00 unit. Pathway Group's third offering – Pathway Mining 2006-II Flow-Through Limited Partnership – was also dissolved and rolled over 7 ½ months ahead of schedule @ $10.09 per $10.00 unit. In other words, Pathway Asset Management dissolved and rolled over each of its first 3 prospectus offerings way ahead of schedule, and above par. Additionally, on May 4, 2009, Pathway Québec Mining 2008-II Flow-Through Limited Partnership was dissolved and rolled over 19 months ahead of schedule @ $12.25 per $10.00 unit, on January 5, 2010, Pathway Québec Mining 2008 Flow-Through Limited Partnership was dissolved and rolled over 2 months ahead of schedule @ $10.49 per $10.00 unit, and on March 11, 2010, Pathway Mining 2008 Flow-Through Limited Partnership was dissolved and rolled over ahead of schedule @ $10.36 per $10.00 unit. Pathway Mining 2009 Flow-Through Limited Partnership was dissolved and rolled over on April 26, 2010, 12 months ahead of schedule @ $13.33 per $10.00 unit. And most recently on November 10, 2010, Pathway Mining 2009-II Flow-Through Limited Partnership was dissolved and rolled over at a value of $10.39 per unit that was originally sold for $10.00 -- 8 months ahead of schedule.

Pathway Asset Management and its affiliates have raised $913,631,730 in their flow-through limited partnerships to date since their inception.

Pathway is a diversified financial products and asset management company headquartered in Toronto, with offices in Montreal, Vancouver and Calgary. Pathway mutual funds are distributed through licensed financial advisors and investment dealers.

Information on the Partnership can be obtained by visiting the website www.pathwayam.com or by contacting the General Partner by e-mail at jd@mineralfields.com, by telephone at (416) 665-9339 ext 221, toll-free at 1 (800) 339-9169 ext 221, or by facsimile at (416) 665-9331.

Contact Information

  • Pathway Asset Management
    Imtiaz Hashmani
    CFO
    (416) 665-9339 Ext. 229 or Toll Free 1-800-339-9169 Ext. 229
    (416) 665-4772 (FAX)
    www.pathwayam.com