TORONTO, May 19, 2015 /CNW/ - Marquest Asset Management Inc. ("Marquest"), the promoter and manager of the Marquest Mining 2014-II Super Flow-Through Limited Partnership (the "Partnership"), is pleased to announce the completion of the mutual fund rollover transaction (the "Mutual Fund Rollover"), whereby all of the Partnership assets, excluding cash required to meet existing liabilities and the expenses of wind-up, were transferred on a tax-deferred basis to Marquest Mutual Funds Inc. on May 11, 2015, in exchange for series A/rollover shares of Marquest Mutual Funds Inc. – Explorer Series Fund ("MF Series Shares").
The net asset values were calculated as at the close of business on May 11, 2015. The Partnership closed at a final price of $83.7149 per unit. The Partnership received an aggregate of 6,706,061.59 MF Series Shares with a net asset value of approximately $3,367,012.93. As a result of the Mutual Fund Rollover, each limited partner has received 166.7345 MF Series Shares for each limited partnership unit held at the time of the Mutual Fund Rollover (MF Series Shares unit value equal to $0.502085). The MF Series Shares were distributed to the limited partners on May 12, 2015.
The adjusted cost base per unit of the Marquest Mining 2014-II Super Flow-Through Limited Partnership will be provided with 2015 tax-reporting documentation. Limited partners will receive a T5013/R15 for the 2015 tax year early in 2016. Certain tax deductions will be available for the tax year 2015 through to 2018.
Marquest Mutual Funds Inc. - Explorer Series Fund is a publicly offered mutual fund, as are the other series' of Marquest Mutual Funds Inc., and is managed by Marquest Asset Management Inc., which is also the portfolio manager of the Partnership. Information about each series of Marquest Mutual Funds Inc., including their simplified prospectus, Fund Facts, annual information form and financial statements, is available at www.marquest.ca and also at www.sedar.com.
The Mutual Fund Rollover does not represent a taxable event. Investors may indefinitely defer the capital gains tax liability that would otherwise occur upon the disposition of the investment by continuing to hold the MF Series Shares or by initiating a tax-deferred switch to another series of Marquest Mutual Funds.
SOURCE Marquest Asset Management Inc.