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Augen Limited Partnership 2005 announces approval of mutual fund rollover transaction
Augen Limited Partnership 2005 announces approval of mutual fund rollover transaction.
About this update from Gensource Potash Corp.
[{"type":"text","content":"\n\n\n\nShares outstanding 32,400,614\n\n\nTORONTO, Dec. 20 /CNW/ - Augen Capital Corp. (\"Augen\") (TSX-V: AUG),\nannounces, through Augen General Partner XI Inc., a wholly-owned subsidiary of\nAugen Capital, that at a special meeting of the limited partners of Augen\nLimited Partnership 2005 (the \"Partnership\") held on Monday, December 18,\n2006, the limited partners voted to approve the transfer of the assets of the\nPartnership to Augen Resource Strategy Fund Inc. (the \"Mutual Fund\"), in\nconsideration for shares of the Mutual Fund, on a tax-deferred basis, and the\nsubsequent dissolution of the Partnership (the \"Mutual Fund Rollover\nTransaction\"). The limited partners also voted, by special resolution, to\namend certain provisions of the limited partnership agreement to facilitate\nthe Mutual Fund Rollover Transaction.\n\n\nIt is expected that the assets of the Partnership will be acquired by the\nMutual Fund on or about December 29, 2006 and that the Mutual Fund Rollover\nTransaction will be completed prior to February 23, 2007. Upon the dissolution\nof the Partnership on or about February 23, 2007, shares of the Mutual Fund\nwill be distributed to limited partners. The shares of the Mutual Fund will be\nredeemable upon receipt.\n\n\nThe net asset value of the Partnership at November 30, 2006 was $151.51\nrepresenting an after-tax return of 141% and is one of the top performing\nflow-through products in the industry. The Partnership investment portfolio\nincluded 60% in cash and equivalents at November 30, 2006.\n\n\nThe Augen Limited Partnership 2007 offering will be available for sale on\nor around the closing of the Mutual Fund Rollover Transaction.\n\n\nAbout Augen Capital\n\n\nBased in Toronto, Augen is a merchant bank specializing in the financing\nof, and investment in, early stage resource companies and is an industry\nleader in tax-advantaged flow-through investments in Canada's resource\nsectors. Augen has raised over $40 million in flow-through limited partnership\nassets in the last four years. The Company now has under management a core\nportfolio of primarily emerging resource stocks, two Resource Flow-Through\nLimited Partnerships, and its mutual fund, Augen Resource Strategy Fund.\n\n\nFor more information on Augen Capital, visit our website at\nwww.augencc.com\n\n\nThe company's public documents may...