HALIFAX, Sept. 1, 2015 /CNW/ - GrowthWorks Atlantic Venture Fund Ltd. ("Atlantic Fund") reports that its Board of Directors and Independent Review Committee approved the appointment of Hay & Watson, Chartered Accountants, as auditors of the Fund for the 2015 fiscal year. KPMG LLP, Chartered Accountants, had been the Fund's auditors from November 24, 2005 and resigned on July 16, 2015.
The Atlantic Fund also reports that it has received exemptive relief from certain securities regulations with the aim to secure cost savings for the benefit of the Atlantic Fund shareholders. The exemptive relief obtained is in respect to the change of auditor, custodian requirements, and frequency of net asset value calculations ("NAV"). The exemptive relief with respect to NAV calculation requirements is relief from the requirement to calculate NAV on a not less than weekly basis and replacing this with a requirement to calculate NAV on a lot less than quarterly basis. The exemptive relief obtained by the Atlantic Fund is subject to certain conditions. The Atlantic Fund's next Annual Information Form will provide further information about the exemptive relief obtained and associated conditions.
SOURCE GrowthWorks Atlantic Venture Fund Ltd.
For further information: Reference: Peter Clark, President & CEO, GrowthWorks Atlantic Venture Fund Ltd., Suite 1502 - 1959 Upper Water Street, Halifax, Nova Scotia B3J 3N2, Tel: 506-449-2969