TORONTO, Jan. 24 /CNW/ - TRF General Partner Inc., the General Partner of Triax Resource Limited Partnership, is pleased to announce that at a meeting of the Limited Partners held yesterday, the Limited Partners approved the implementation of a redemption plan.
Under the redemption plan, during any month the Limited Partners may require the Partnership to redeem up to a maximum of 4% of the Units outstanding as at the first business day of that month. If more than 4% of the Units are tendered for redemption in any month, the Partnership's Registrar and Transfer Agent will select Units for redemption on a pro rata basis. The 4% per month limitation on redemptions will remain in place until such time as all the private companies in the Partnership's 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 4% limitation and will allow unlimited monthly redemptions. The General Partner anticipates implementing this redemption right by the middle of February and in any event no later than the middle of March.
The General Partner also announced at the meeting that until such time as the 4% per month limitation referred to above is eliminated entirely, the 2% redemption fee will be retained for the benefit of the Partnership.
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