Pathway Asset Management

Pathway Asset Management
Pathway Oil & Gas 2010 Inc.

July 17, 2012 15:05 ET

Pathway Oil & Gas 2010 Inc., the General Partner of Pathway Oil & Gas 2010 Flow-Through Limited Partnership and Pathway Multi Series Fund Inc.: Rollover of Assets Completed

TORONTO, ONTARIO--(Marketwire - July 17, 2012) - Pathway Oil & Gas 2010 Inc., general partner of Pathway Oil & Gas 2010 Flow-Through Limited Partnership (the "Partnership"), and Pathway Multi Series Fund Inc. (the "Mutual Fund Corporation") announce that the Partnership has completed the transfer and sale (the "Rollover Transaction") of all its assets (excluding cash) on a tax-deferred basis to the Mutual Fund Corporation in exchange for shares of the Mutual Fund Corporation of the series designated as Mutual Fund Shares, Energy Series, A/Rollover Series ("Energy Class Shares") effective July 3, 2012, at a value of $3.9907 per unit that was originally sold for $10.00.

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 1/2 months ahead of schedule @ $10.09 per $10.00 unit. 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. Pathway Québec Mining 2008 Flow-Through Limited Partnership - was dissolved and rolled over 2 months ahead of schedule on January 25, 2010 @ $10.49 per $10.00 unit, and on March 11, 2010, Pathway Mining 2008-II Flow-Through Limited Partnership - was dissolved and rolled over ahead of schedule on @ $10.36 per $10.00 unit. Pathway Mining 2009 Flow-Through Limited Partnership - was dissolved and rolled over 12 months ahead of schedule on April 26, 2010 @ $13.33 per $10.00 unit. Pathway Mining 2009-II Flow-Through Limited Partnership - was dissolved and rolled over 8 months ahead of schedule on November 10, 2010 @ $10.39 per $10.00 unit. Pathway Mining 2010 Flow-Through Limited Partnership - was dissolved and rolled over 15 months ahead of schedule @ $14.0573 per $10.00 unit. Pathway Quebec Mining 2009-II Flow-Through Limited Partnership - was dissolved and rolled over 8 months ahead of schedule on February 9, 2011 @ $9.7971 per $10.00 unit. And most recently, on April 20, 2011, Pathway Quebec Mining 2010 Flow-Through Limited Partnership - was dissolved and rolled over 12 months ahead of schedule @ $12.2400 per $10.00 unit.

An investment in limited partnership units ("Units") of the Partnership were exchanged on a tax-deferred basis for Energy Class Shares with equal value pursuant to an asset purchase agreement dated July 3, 2012 between the Partnership and the Mutual Fund Corporation. The Limited Partners received 7.8689 Energy Class Shares of the Mutual Fund Corporation for each Unit held, based on a net asset value per Unit of $3.9907 and a net asset value per share of $0.5072 for each Energy Class Share.

The Partnership had net assets of $3,868,169 at the time of the transfer. The capital gains tax liability that would arise upon disposition can be deferred by retaining the shares of the Mutual Fund Corporation.

Pathway Asset Management and its affiliates have raised $1,071,336,660 in their flow-through limited partnerships to date since their inception - over a billion dollars.

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 or mutual fund can be obtained by visiting the website www.pathwayam.com or by contacting the General Partner by e-mail at info@mineralfields.com, by telephone at (416) 665-9339, toll-free at 1 (800) 339-9169, 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