Pathway Québec Mining 2007 Flow-Through Limited Partnership
Net Asset Value as at September 22, 2009 (prospectus offering was available through IDA investment advisors to all Québec residents, fully subscribed and "sold out", administered by MineralFields Group) --final NAV as at dissolution/rollover.
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100% of the net funds raised have been invested
Amount raised in offering:
$10,000,000
Amount invested in resource issuers
(after deducting 10 % costs of issue):
$8,675,000
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. Per $10 unit = $3.17
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.
Value of a $10,000 Investment on September 22, 2009: $3,169
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 $3,555)-- the after-tax return is -10.87% before capital gains on disposition (which can be offset by unused capital losses, or deferred by the rollover to Pathway Multi Series' mutual fund), and -32.35% when factoring capital gains on disposition.
Assumptions:
Investor marginal tax rate of 48.21% (the highest marginal rate in Quebec)
Returns are calculated without factoring in the time value of money
Returns are valid as at the date of calculation, and may not be realized in the future
General Partner's back-end entitlement has been factored out of NAVs and percentage returns (GP only entitled after 100 % of investor's invested amount returned first, no ongoing management fees)
