SaskWorks Venture Fund fully-subscribed for 2013 tax credit-eligible investment
REGINA, Jan. 29, 2014 /CNW/ - As of 8:45 a.m. CST on January 29, 2014, SaskWorks Venture Fund Inc. (the "Fund") has reached its new annual forty million dollar (CDN) ($40,000,000.00) fundraising limit and is fully-subscribed for 2013 tax year-eligible investment. Under the Labour-Sponsored Venture Capital Corporation Act and the Income Tax Act (Canada), the Fund is required to decline subscriptions received subsequent to the Fund's annual limit being reached and return them to sales representatives unaccepted.
SaskWorks will re-open for subscription sales on March 6, 2014 at 4:00 pm. T2C tax credit receipts for investments made after this date will be eligible for use against the 2014 tax year.
SaskWorks Venture Fund is a Saskatchewan-based labour-sponsored investment fund that invests in small- and medium-sized private businesses. SaskWorks currently has over 27,000 shareholders and has approved for investment $310 million in 96 companies.
SOURCE SaskWorks Venture Fund Inc.For further information:
Randy Beattie, Chief Executive Officer; or,
Rob Duguid, Vice President, Chief Financial Officer and Corporate Secretary