TORONTO, June 1 /CNW/ - TDK (1998) General Partner Inc. (the "General Partner"), the general partner of TDK (1998) 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, 2000, the Limited Partners approved a transaction pursuant to which the Partnership's assets will be transferred on a tax-deferred basis to a newly created mutual fund corporation (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.
The Mutual Fund will be created to resemble, as closely as possible, the Marathon Resource Fund, including a redemption right permitting unitholders to redeem their units at any time at the net asset value per unit. Limited Partners will not have to pay a redemption fee when they exercise the redemption right. The Mutual Fund will be managed by Wayne Deans of Deans Knight Capital Management Ltd.
The Partnership's investment objective is to achieve capital appreciation primarily through investment in a portfolio of equity or equity-linked securities of oil and gas and mining corporations based primarily in Canada.