behind the scenes
MineralFields Group Announces Sale of Assets (Including Pathway Asset Management and EnergyFields Group) to Global Financial Group of Companies
January 9, 2012 – The MineralFields Group is pleased to announce that it has entered into an agreement with the Global Financial group of companies and its investment fund manager, Global Growth Assets Inc. (“Global”) to sell to Global the assets of MineralFields Group and its affiliated entities Pathway Asset Management and EnergyFields Group (collectively “MineralFields”), which include flow-through limited partnerships branded as Pathway, MineralFields and EnergyFields flow-through LPs, and includes the mutual fund Pathway Multi Series Fund Inc. Completion of the transaction is subject to applicable conditions precedent and regulatory approvals. Approval of the holders of mutual fund shares of Pathway Multi Series Fund Inc. is required through a vote in early February, because the transaction involves a change of investment fund manager from MineralFields Fund Management Inc. to Global Growth Assets Inc.
MineralFields is well-known for its tax advantaged flow-through products in the mineral exploration and oil and gas industries through flow-through limited partnerships, while Global is a leading Canadian independent financial services company that identifies and aligns itself with tax advantaged and tax efficient financial product solutions for Canadians.
Mr. Joe C. Dwek, President of MineralFields, referred to the acquisition as the right opportunity for Global to pursue its strategic plans in both the resource sector and the tax-advantaged product space. Global was seen as having the vision to take MineralFields to the next level now that MineralFields has completed 10 successful years.