TORONTO, July 4 /CNW/ - TDK (1999) General Partner Inc. (the "General Partner"), the general partner of TDK (1999) Flow-Through Limited Partnership (the "Partnership"), is pleased to announce the implementation of a transaction pursuant to which the Partnership's assets (other than cash) were transferred on a tax-deferred basis to TDK Resource Fund Inc., an open-end mutual fund (the "Mutual Fund") in exchange for shares of the Mutual Fund. Each unit of the Partnership was converted into 0.8983 shares of the Mutual Fund. The shares of the Mutual Fund were distributed to the Limited Partners of the Partnership on a pro rata basis on the dissolution of the Partnership.
The Mutual Fund is managed by Wayne Deans of Deans Knight Capital Management Ltd. Its investment objective is to maximize capital growth by investing its assets primarily in equities of Canadian natural resource companies including, by way of example, those engaged in mining, oil and gas, forest products, water resources and fishing, and those companies that support such industries. Natural resource companies in which the Fund invests may also include so-called "royalty companies", which do not themselves carry on resource businesses but rather acquire, through purchase of equity or debt securities of a resource company, the right to participate in the revenues or profits of such resource company.