Golden Opportunities Fund announces Innovation Shares and deferral of fees



    SASKATOON, Jan. 28 /CNW/ - Golden Opportunities Fund Inc. ("Golden
Opportunities" or the "Fund"), Saskatchewan's first and largest provincial
labour-sponsored fund, and 2004 Labour Fund of the Year in Canada, is pleased
to announce on this, the 10th anniversary of its investing in Saskatchewan,
the introduction of its new Innovation Share ("I Share") Class. The Fund will
now provide investors the option to continue to invest in diversified Class A
Shares or to invest in the new Innovation Share Class. Proceeds from the sale
of I Shares will be used to invest in a diversified portfolio of innovation
based companies across different industry sectors, ranging from life science,
information and communication technology, biotechnology, energy and clean
technologies, advanced manufacturing and value added agriculture. The
Innovation Shares will provide the added benefit of loss support contributions
aimed at supporting certain losses, if any, through an agreement with Western
Economic Diversification Canada.
    In addition to the launch of this new I Share Class, the Fund Manager,
Westcap Mgt. Ltd., and the principal distributor, Wellington West Capital
Inc., have each agreed to provide a deferral of their management and marketing
service fees, respectively, on the I Shares. The deferral will continue until
such time that $5.0 million in gross subscriptions is achieved on this new
share class, at which time the deferred fees would be payable. Grant Kook,
President/CEO of Golden Opportunities indicates "a knowledge based economy
driven by innovation is the way of the future and takes the boom and busts out
of an economy or a portfolio rich in commodities. A common theme among Fortune
500 companies is their focus on innovation, given the value it creates. We are
excited to launch this new option for shareholders on our 10th anniversary.
The loan loss provision provided by Western Economic Diversification Canada
and a deferral of certain fees by the Fund's manager and principal distributor
confirms a strong commitment to build companies that will change the world in
which we live."
    Golden Opportunities has raised over $130 million in share capital to
date from approximately 17,000 shareholders. The Fund, in the past decade of
investing, has completed over 100 investment transactions in 80 different
Saskatchewan growth companies across 13 different industry sectors for
diversification, directly impacting the future of Saskatchewan.

    This news release is not intended as any offering of securities of the
Fund. The Fund has filed a prospectus in the Provinces of Saskatchewan and
Manitoba containing important detailed information relating to the securities
of the Fund. Securities of the Fund are only sold by registered dealers under
the prospectus. Copies of the prospectus may be obtained from Wellington West
Capital Inc., agent of the Fund, at 1360, 410 - 22nd Street East, Saskatoon,
Saskatchewan or on SEDAR at www.sedar.com. Investors should read the
prospectus before making an investment decision.

    
    Neither the Saskatchewan Financial Services Commission nor the Manitoba
    Securities Commission has approved nor disapproved the information
    contained herein.
    





For further information:

For further information: Grant Kook, President/CEO of Golden
Opportunities Fund Inc. at (306) 652-5557

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Golden Opportunities Fund Inc.

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