Pathway Mining 2006-II Flow-Through Limited Partnership – Net Asset Value as at May 14, 2008 (prospectus offering now available through IDA investment advisors to all Canadian residents in Ontario, Alberta, Manitoba, British Columbia, Saskatchewan, Quebec, Nova Scotia, New Brunswick, Newfoundland and Labrador, P.E.I. and Northwest Territories, administered by MineralFields Group; now closed, fully subscribed and "sold out") -- final NAV as at dissolution/rollover
Note: this fund was dissolved, and investors received liquidity, 7 1/2 months) ahead of schedule -- this is our third early dissolution in a row (we also dissolved Pathway 2005 and Pathway 2006 early). To our knowledge, no other flow-through organization has ever treated its investors this well !
Amount raised in offering: $15,000,000
Amount invested in resource issuers
(after deducting costs of issue): $13,175,000
Note: a very conservative valuation approach is followed, where warrants are assigned no
time value, just intrinsic value; stocks are valued at closing price, or last traded price
N.A.V. as at May 14, 2008 Per $10 unit = $10.09
Note: starting N.A.V. per $100 unit is normally $80.00 after subtracting costs of issue and premiums, so an N.A.V. above $80.00 per unit represents appreciation in the portfolio.
Investment Value of a $10,000 Investment as at May 14, 2008: $10,090
As a result of the substantial tax deduction and tax credit benefits realized by each investor (which lowers the purchase cost on an after-tax basis to $4,658) -- the after-tax return is 116.61 % before capital gains on disposition (which can be offset by unused capital losses, or deferred by the rollover to Pathway's mutual fund), and 66.35 % when factoring capital gains on disposition.
Assumptions:
1. Investor are paying tax at a marginal rate of 46.4 % (the highest marginal rate in Ontario, as well as Manitoba)
2. Returns are calculated without factoring in the time value of money
3. Returns are valid as at the date of calculation, and may not be realized in the future
4. General Partner's back-end entitlement has been factored out of NAVs and percentage returns
Past N.A.V.s:
May 1, 2008 .................................................................................... $9.37
Mar31, 2008 .................................................................................... $9.25
Mar3, 2008 ...................................................................................... $9.79
Feb1, 2008 ...................................................................................... $9.18
Jan 2, 2008 .................................................................................... $10.65
Nov 30, 2007 .................................................................................. $9.87
Oct 31, 2007 ................................................................................. $10.77
Oct 11, 2007 ................................................................................. $10.11
Oct 4, 2007 ..................................................................................... $9.62
Oct 1, 2007 ..................................................................................... $9.29
Sept 25, 2007 .................................................................................. $9.00
Sept 14, 2007 .................................................................................. $8.29
Sept 13, 2007 .................................................................................. $8.23
Sept 7, 2007 .................................................................................... $8.06
Aug. 31, 2007 .................................................................................. $7.77
July 31, 2007 .................................................................................... $9.71
July 20, 2007 .................................................................................. $10.23
July 3, 2007 ..................................................................................... $9.13
June 5, 2007 .................................................................................... $9.26
June 4, 2007 .................................................................................... $9.13
June 1, 2007 .................................................................................... $9.08
April 30, 2007 ................................................................................... $9.85
April 5, 2007 ................................................................................... $10.26
April 3, 2007 ................................................................................... $10.26
March 31, 2007 ............................................................................... $10.37
March 26, 2007 ............................................................................... $10.37
March 23, 2007 ............................................................................... $10.24
March 9, 2007 ................................................................................... $9.95
March 8, 2007 ................................................................................... $9.98
February 28, 2007 ........................................................................... $10.05
February 26, 2007 ........................................................................... $10.35
February 23, 2007 ............................................................................. $9.83
February 22, 2007 ............................................................................. $9.41
February 21, 2007 ............................................................................. $9.27
February 20, 2007 ............................................................................. $9.44
January 31, 2007 ............................................................................... $8.63
January 24, 2007 ............................................................................... $8.44
December 31, 2006 ........................................................................... $8.40 |
