TORONTO, June 1 /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 that at a meeting of the Limited Partners of the Partnership held on May 31, 2001, the Limited Partners approved a transaction pursuant to which the Partnership's assets (other than cash) will be 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. These shares of the Mutual Fund will then be distributed to the Limited Partners on a pro rata basis and the Partnership will be dissolved. This transaction is scheduled to occur during the first week of July.
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.