TORONTO, Jan. 14 /CNW/ - TRF General Partner Inc., the General Partner of Triax Resource Limited Partnership, announces that at the meeting of the Limited Partners to be held on January 23, 2002, it will seek to amend one of the redemption resolutions being presented to the Limited Partners for approval. Under the current proposal, if approved, monthly redemptions would be limited to 2% of the units outstanding as at the beginning of the month, i.e., 24% annually. This "cap" would remain in place until such time as all the private companies in the portfolio have been disposed of or have sufficient liquidity, in the opinion of the General Partner, to permit unlimited redemptions. As a result of the recently announced write-down of the value of RMX Exploration Ltd., the Partnership is now able to increase the monthly cap to 4% of the units outstanding as at the beginning of the month, i.e., 48% annually. As previously proposed, this cap would remain in place until such time as all the private companies in the portfolio have been disposed of or have sufficient liquidity in the opinion of the General Partner to permit unlimited redemptions. At that time the General Partner will remove the cap and will allow unlimited monthly redemptions as proposed in the Management Information Circular.
The General Partner also wishes to announce that until such time as the cap referred to above is eliminated entirely, the proposed 2% redemption fee payable to it will be paid to the Partnership and retained for the benefit of the Partnership. Once the cap is eliminated, the redemption fee will be paid to the General Partner.
Triax Resource Limited Partnership trades on The Toronto Stock Exchange under the symbol TRF.UN.
For further information: please call the General Partner at (416) 362-2929 or (800) 407-0287.