TORONTO, Sept. 14, 2015 /CNW/ - GrowthWorks Canadian Fund Ltd. (the "Fund"), today announced that it has fully repaid the indebtedness (the "Roseway Debt") owing by the Fund to Roseway Capital S.a.r.l. ("Roseway") under a settlement agreement dated May 22, 2015 (the "Settlement Agreement") between the Fund and Roseway. The Settlement Agreement fixed the amount then owing by the Fund to Roseway at $2,185,742, effected certain amendments to a security agreement (the "Security Agreement") dated May 28, 2010 between the Fund and Roseway, and settled then outstanding claims between the parties, among other things. Effective upon payment of the remaining Roseway Debt, certain rights of Roseway and related restrictions on the operations of the Fund imposed by the investment advisor agreement dated May 9, 2014 between the Fund and Roseway and the Security Agreement, respectively, ceased to be applicable.
This press release contains forward looking statements, including statements with respect to the Fund's proceedings under the Companies' Creditors Arrangement Act (Canada). These forward-looking statements reflect the Fund's current views and are based on certain assumptions, including, but not limited to, assumptions as to future operating conditions and courses of action, general economic and market conditions and other factors the Fund believes are appropriate. Such forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in these statements, including, but not limited to, the risk that dispositions of the Fund's portfolio investments, together with the Fund's cash resources, will not yield proceeds sufficient to satisfy in full claims of the Fund's creditors or any distribution to the Fund's shareholders; the risk that litigation proceedings involving claims by the former manager of the Fund or other third parties against the Fund may involve substantial expense and, if successful, could require the Fund to pay substantial damages, thereby reducing or depleting entirely the Fund's liquidity and capital resources; and those risks and uncertainties disclosed in the Fund's most recently filed prospectus and other regulatory filings posted on SEDAR at www.sedar.com. These risks and uncertainties may cause actual results, events or developments to be materially different from those expressed or implied by such forward-looking statements. Unless required by law, the Fund does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or results or other factors.
FTI Consulting Canada Inc., the Court Appointed Monitor of GrowthWorks Canadian Fund, has established the following website containing information concerning the CCAA proceedings: http://cfcanada.fticonsulting.com/gcfl/
SOURCE GrowthWorks Canadian Fund Ltd.
For further information: You may also contact the Monitor at: Hotline: 1-855-431-3185, Email: [email protected]