Pathway Mining 2005 Flow-Through Limited Partnership

January 16, 2006 18:25 ET

Pathway Mining 2005 Flow-Through Limited Partnership: Initial Public Offering Raised $5,011,560

TORONTO, ONTARIO--(CCNMatthews - Jan. 16, 2006) - Toronto-based Pathway Mining 2005 Flow-Through Limited Partnership (the "Partnership") reported that on December 23, 2005 the Partnership raised total gross proceeds of $5,011,560 in its initial public offering (the "Offering") of an aggregate of 501,156 limited partnership units at $10.00 per unit pursuant to a final prospectus dated November 25, 2005, which is available on SEDAR at Argosy Securities Inc., Wellington West Capital Inc., and Burgeonvest Securities Limited acted as agents in the Offering. Following completion of the Offering, Pathway Mining 2005 Inc., the General Partner of the Partnership, successfully invested available funds of the Partnership totalling $4,272,355 primarily in flow-through shares of resource companies engaged in mineral exploration in Canada and listed on the TSX or the TSX Venture Exchange. The flow-through shares are subject to hold periods of not more than four months. The General Partner invested the available funds such that Limited Partners will be entitled to claim certain deductions from income and investment tax credits for income tax purposes for the 2005 taxation year. The General Partner also invested the available funds with a view to achieving capital appreciation of the Partnership's investments.

The General Partner retained Wickham Investment Counsel Inc. ("Wickham") to provide investment advisory services to the Partnership. The General Partner also retained the geological and engineering consulting firm of Watts, Griffis and McOuat Limited ("WGM") as consultants to provide its technical expertise, advice and due diligence services to Wickham generally in relation to the mining sector, and specifically in relation to the identification, review and negotiation of individual flow-through share investment opportunities for the Partnership. In addition, WGM will have a continuing role with the Partnership in monitoring the exploration activities of resource companies in which the Partnership has invested to ensure that those resource companies will be able to renounce Canadian Eligible Expenditures to the Partnership with an effective date of December 31, 2005, and to assist the Partnership in determining whether flow-through shares should continue to be held or sold.

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