TORONTO, May 1 /CNW/ - Triax Resource Limited Partnership II today announced a special distribution of $0.45 per unit payable on May 1, 2000 to Unitholders of record on December 31, 1999. The special distribution is designed to assist Limited Partners to fund a tax liability incurred for the 1998 taxation year.
As was reported to Limited Partners in 1999, Probe Exploration Inc. encountered difficulty as a result of lower than expected production and, as such, failed to incur the expected amount of Canadian Exploration Expenses necessary to meet its obligations to the Partnership. As a result, Limited Partners had to request an adjustment to their 1998 personal tax return.
The Partnership's investment objective is to achieve capital appreciation through investment in a diversified portfolio of equity or equity-linked securities of oil and gas and mining corporations based primarily in Canada. The Partnership's investment advisor is Altamira Management Ltd.