REGINA, Feb. 15, 2012 /CNW/ - SaskWorks Venture Fund Inc. (the "Fund") is pleased to advise that the Government of Saskatchewan has
increased the annual cap for tax credit investment into the Fund, being
a Labour-Sponsored Venture Capital Corporation, from fifty million
dollars (CDN) ($50,000,000.00) to fifty five million dollars (CDN)
($55,000,000.00). The cut-off date under the Fund's prospectus is
February 29, 2012, after which date investments are no longer eligible
for a tax credit for the 2011 fiscal year as mandated by The Labour-Sponsored Venture Capital Corporation Act or the Income Tax Act (Canada).
SaskWorks Venture Fund Inc., and its independent sale representatives,
will endeavor to ensure that subscriptions for investment do not exceed
the enhanced fifty five million dollar cap. Although remote, it is
possible that subscriptions for investment will exceed the increased
cap level and where any excess occurs, the Fund will be required to
decline such subscriptions and return them to the sales representatives
The SaskWorks Venture Fund is a leading Saskatchewan-based
Labour-Sponsored Investment Fund that invests in small - and
medium-sized private businesses. SaskWorks currently has over 22,250 shareholders and, since inception, has
invested in 75 eligible businesses.
SOURCE SaskWorks Venture Fund Inc.
For further information:
Randy Beattie, Chief Executive Officer
Rob Duguid, Vice President, Chief Financial Officer and Corporate Secretary at (306) 791-4833