Dynamic Venture Opportunities Fund Ltd. announces acquisition by B.E.S.T. Investment Counsel Limited

TORONTO, Oct. 22, 2018 /CNW/ - Dynamic Venture Opportunities Fund Ltd. (the "Fund") today announced the completion of the previously announced acquisition (the "Acquisition") by B.E.S.T. Investment Counsel Limited ("BEST") of the management, services and principal distribution contracts of the Fund from 1832 Asset Management L.P. ("1832 LP"), the previous investment fund manager and portfolio manager of the Fund. The Acquisition was completed on October 20, 2018. Accordingly, effective October 20, 2018, BEST is the investment fund manager, portfolio manager and principal distributor of the Fund.

At a special meeting of the shareholders of the Fund held on October 10, 2018, the shareholders of the Fund approved the change of manager from 1832 LP to BEST. Shareholders also approved of the change of name of the Fund from "Dynamic Venture Opportunities Fund Ltd." to "B.E.S.T. Venture Opportunities Fund Inc." In connection with the completion of the Acquisition, the custodian of the Fund will be changed from State Street Trust Company Canada to CIBC Mellon Trust Company. The applicable regulatory approval for the above change of manager and change of custodian was also obtained.

About BEST

B.E.S.T. Investment Counsel Limited, established in 1998, is experienced in raising, investing and managing venture capital and venture debt for companies in emerging sectors. BEST also has substantial experience managing public equity and fixed income securities. BEST currently manages Dynamic Venture Opportunities Fund, a labour sponsored investment fund corporation established in 1993 and B.E.S.T. Total Return Fund Inc. a labour sponsored investment fund corporation formed in 2003 and has been the manager and investment advisor of two other mutual funds. BEST works closely with founders, entrepreneurs and its network of business partners to meet the challenges faced by growing Canadian companies.

About 1832 LP

1832 Asset Management L.P. offers a range of wealth management solutions, including mutual funds, investment solutions for private clients, institutional clients and managed asset programs. 1832 Asset Management L.P. is a limited partnership, the general partner of which is wholly owned by The Bank of Nova Scotia.

Forward-Looking Statements: This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management of the Fund or its manager at the time the statements are made, and are subject to a variety of risk and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Forward-looking statements and information contained in this news release include the statements relating to the timing of the change in custodian of the Fund.

SOURCE Dynamic Venture Opportunities Fund Ltd

concerning this news release, please contact: For media enquiries only: The registered office of BEST is 181 Bay Street, Suite 810, Toronto, Ontario M5J 2T3. BEST can be contacted by telephone at 416-203-7331 or (toll free) 1-800-795-BEST (2378) or by email at [email protected]. Further information about BEST may be found on its website at http://bestfunds.ca.