Mavrix Fund Management Inc. Announces Shareholder Approval of Acquisition by GrowthWorks Ltd.



    TORONTO, June 24 /CNW/ - Mavrix Fund Management Inc. (TSX:MVX) ("Mavrix"
or the "Company") announced that, at its special meeting of shareholders held
today (the "Meeting"), shareholders approved the previously announced plan of
arrangement under which 1796862 Ontario Ltd., a wholly-owned subsidiary of
GrowthWorks Ltd., will acquire all of the Company's common shares for $0.25
per share in cash (the "Arrangement").
    The Arrangement was approved by approximately 97.39% of the votes cast at
the Meeting at which 4,894,588 Mavrix common shares (approximately 55.8% of
the outstanding common shares) were represented, in person or by proxy.
    Provided that all remaining conditions to the closing of the Arrangement,
including final Court approval of the Arrangement, are satisfied by June 30,
2009, closing of the Arrangement will occur on that date.

    
    About Mavrix Fund Management Inc.
    ---------------------------------
    

    Mavrix Fund Management Inc. (TSX: MVX) is an asset management company
founded and operated by experienced portfolio managers. The company offers a
focused line-up of concentrated, actively managed funds that aim to complement
mainstream funds. Mavrix supports its products by providing financial advisors
with regular and direct access to portfolio managers and unbiased commentary,
which has enabled the company to become a trusted advisor to its clients.
Mavrix is headquartered in Toronto with offices in Halifax, Montreal and
Winnipeg. Additional information about Mavrix can be found at
www.mavrixfunds.com.

    
    About GrowthWorks (www.growthworks.ca)
    --------------------------------------
    

    GrowthWorks(TM) managed funds provide investment capital for Canadian
companies and tax-advantaged investment opportunities for Canadian investors.
GrowthWorks manages approximately $720 million in assets through the Working
Opportunity Fund (EVCC) Ltd., GrowthWorks Atlantic Venture Fund Ltd.,
GrowthWorks Commercialization Fund Ltd. and GrowthWorks Canadian Fund Ltd.
GrowthWorks identifies, analyzes and structures investments in companies with
high growth potential. Particular emphasis is placed on IT, Life Sciences and
Cleantech sectors. Building on more than 17 years of investment expertise,
GrowthWorks is a leader in Canadian venture capital management. GrowthWorks
refers to affiliates of GrowthWorks Ltd. and includes: GrowthWorks Capital
Ltd. manager of the Working Opportunity Fund (EVCC) Ltd.; GrowthWorks WV
Management Ltd., manager of GrowthWorks Canadian Fund Ltd. and GrowthWorks
Commercialization Fund Ltd.; GrowthWorks Atlantic Ltd., manager of GrowthWorks
Atlantic Venture Fund Ltd. and 1796862 Ontario Ltd. GrowthWorks is a
registered trademark of GrowthWorks Capital Ltd.

    Certain statements contained herein constitute "forward-looking
statements". These forward-looking statements are based on current
expectations and involve known and unknown risks, uncertainties and other
factors. Material factors and assumptions that were applied in making the
forward-looking statements and that could cause actual results to differ
materially from the forward-looking statements in this release include risks
and uncertainties relating to: conditions set out in the interim order
obtained in connection with the Plan of Arrangement, conditions set out in the
final order to be obtained in connection with the Plan of Arrangement,
satisfaction of the conditions set out in the Arrangement Agreement,
negotiation of a satisfactory amendment with a lender to the Corporation to
permit completion of the Transaction, and receipt of all regulatory approvals.
Readers are cautioned not to place undue reliance on these statements as
actual results may differ materially from any future results expressed or
implied by such forward-looking statements, if known or unknown risks,
uncertainties or other factors affect the Transaction, the Company or its
business. The Company cannot provide any assurance that forward-looking
statements will materialize. Except as required by law, the Company assumes no
obligation to update or revise any forward-looking statement, whether as a
result of new information, future events or any other reason.

    %SEDAR: 00020385E




For further information:

For further information: Mavrix Fund Management Inc. at (416) 362-3077,
1-888-964-3533 or www.mavrixfunds.com; Murray Munro of GrowthWorks Capital
Ltd. at (604) 895-7282

Organization Profile

MAVRIX FUND MANAGEMENT INC.

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