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Pathway Mining 2006 Flow-Through Limited Partnership – Net Asset Value as at May 9, 2007 (prospectus offering was 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, 1 year and 4 months (i.e., 16 months) ahead of schedule -- this is our second early dissolution in a row (we also dissolved Pathway 2005 early). To our knowledge, no other flow-through organization has ever treated its investors this well ! Amount raised in offering: $35,000,000 Amount invested in resource issuers (after deducting costs of issue): $31,274,999 Note: a very conservative valuation approach is followed, where warrants are assigned no 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 $4,645) -- the after-tax return is 140.99 % before capital gains on disposition (which can be offset by unused capital losses, or deferred by the rollover to Pathway's mutual fund), and 85.00 % when factoring capital gains on disposition. 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: NAV per Unit as at April 30, 2007 ............................................. $10.78 NAV per Unit as at April 5, 2007 ............................................... $11.37 NAV per Unit as at April 4, 2007 ............................................... $11.14 NAV per Unit as at April 3, 2007 ............................................... $11.00 NAV per Unit as at March 31, 2007 ........................................... $10.99 NAV per Unit as at March 26, 2007 ........................................... $10.85 NAV per Unit as at March 23, 2007 ........................................... $10.87 NAV per Unit as at March 9, 2007 ............................................. $11.02 NAV per Unit as at March 8, 2007 ............................................. $10.97 NAV per Unit as at Feb. 28, 2007 .............................................. $10.95 NAV per Unit as at Feb. 26, 2007 .............................................. $11.43 NAV per Unit as at Feb. 23, 2007 .............................................. $11.45 NAV per Unit as at Feb. 22, 2007 .............................................. $11.15 NAV per Unit as at Feb. 21, 2007 .............................................. $11.13 NAV per Unit as at Feb. 20, 2007 .............................................. $10.77 NAV per Unit as at Jan. 31, 2007 ............................................... $10.15 NAV per Unit as at Jan. 24, 2007 ............................................... $10.14 NAV per Unit as at Dec. 31, 2006 ................................................ $9.44 NAV per Unit as at Nov. 30, 2006 ................................................ $8.56 NAV per Unit as at Oct. 31, 2006 ................................................. $7.96 NAV per Unit as at Sept. 30, 2006 ................................................ $8.41 NAV per Unit as at August 31, 2006 .............................................. $8.48 NAV per Unit as at July 14, 2006 ................................................... $8.91 |
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