Mavrix Fund Management Inc. Renews Normal Course Issuer Bid

    TORONTO, Feb. 20 /CNW/ - Mavrix Fund Management Inc. ("Mavrix") (TSX:MVX)
announced today that The Toronto Stock Exchange ("TSX") has accepted its
Notice of Intention to Make a Normal Course Issuer Bid for the purchase for
cancellation from time to time, if it is considered advisable, of up to
500,815 of its common shares through the facilities of the TSX representing
approximately 10% of the public float of the common shares of Mavrix as of the
date hereof.
    Any such purchases of common shares would be made during the period from
February 22, 2008 to February 21, 2009. Any such purchases will be made by
Mavrix at the prevailing market price at the time of acquisition in accordance
with the requirements of the TSX. The Board of Directors of Mavrix believes
that such purchases are in the best interests of Mavrix and are a desirable
use of Mavrix's funds. As at the date hereof, there are 8,540,553 common
shares issued and outstanding and the public float consists of 5,008,154
common shares. Except as permitted under the TSX rules, Mavrix will not
purchase on any given day under the bid more than 25% of the average daily
trading volume of its common shares for the six months prior to the date of
this notice through the TSX. The average daily trading volume for this period
through the TSX was 5,093 and, in accordance with the requirements, a maximum
daily repurchase of 1,273 shares may be made.
    On January 29, 2007, Mavrix commenced a Normal Course Issuer Bid to
purchase up to 591,000 of the outstanding common shares through the facilities
of the TSX. As of the date hereof, an aggregate of 590,700 common shares had
been repurchased and cancelled with an average purchase price per common share
of $2.0479 exclusive of commissions. The bid expired on January 28, 2008.

    Mavrix Fund Management Inc. is a Canadian asset management company with
shares listed on the Toronto Stock Exchange. Its stock symbol is MVX.

    %SEDAR: 00020385E

For further information:

For further information: Raymond Steele, Chief Operating Officer and
Chief Financial Officer, 36 Lombard Street, Suite 400, Toronto, Ontario M5C
2X3, Toll Free: 1-888-964-3533, Direct: (416) 365-4071, Email:

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