GrowthWorks Canadian Fund Ltd. Provides Update on Net Asset Value

TORONTO, Feb. 25, 2016 /CNW/ - GrowthWorks Canadian Fund Ltd. (the "Fund") today provided an update on the total net asset value ("NAV") of the Fund as at December 31, 2015. The Fund continues to operate under creditor protection pursuant to court-supervised proceedings (the "CCAA Proceedings") under the Companies' Creditors Arrangement Act.  As previously announced on December 14, 2015, the Fund obtained an order of the Ontario Superior Court of Justice (the "Court") extending the "Stay Period" until and including June 30, 2016 pursuant to the Fund's CCAA Proceedings.

The Fund estimates that the total NAV of the Fund as at December 31, 2015 was $28.9 million and that the NAV per Series Share as at that date was as follows:



WV Canadian & Merger Series

WV Canadian - Commission I


CAVI Series


ENSIS Series


CMDF Series


CSTGF Series


FOF Traditional Series


GIC Series

Venture/ GIC Commission I


Venture/ GIC Commission II


Growth Series

Venture/ Growth Commission I


Venture/ Growth Commission II


FOF Growth Series


Financial Services Series

Venture/ Financial Services - Commission I


Venture/ Financial Services - Commission II


Balanced & CMDF Reinvestment Series

Venture/ Balanced Commission I


Venture/ Balanced Commission II


In determining the NAV of the Fund and its outstanding series of Class A shares, the Fund did not obtain an independent formal valuation and those amounts represent the Fund's estimate of the fair value of the Fund's assets and liabilities as at December 31, 2015.  The valuation process followed by the Fund is subjective in certain respects and is based on inherent uncertainties, including the fact that there is no published market for the Fund's assets.  As a consequence, the resulting values attributed by the Fund to its assets can differ from the prices at which the investments are actually sold and those differences could be material. FTI Consulting Canada Inc. (the "Monitor"), the Court-appointed monitor in the CCAA Proceedings, was not involved in the calculation of the NAV of the Fund and its outstanding series of Class A shares and the Monitor does not assume any responsibility for the determination of any of those amounts.

The Fund has suspended redemptions of its Class A shares and that restriction remains in effect.  Sales of Class A shares were discontinued in September 2011.

Forward-Looking Information

This press release contains forward looking statements, including statements with respect to the CCAA Proceedings and the NAV of the Fund. 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; the risks associated with the Fund's estimate of the NAV of the Fund described elsewhere in this press release; and those risks and uncertainties disclosed in the Fund's most recently filed prospectus and other regulatory filings posted on SEDAR at 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.

Contact Information

FTI Consulting Canada Inc., the Court Appointed Monitor of GrowthWorks Canadian Fund Ltd., has established the following website containing information concerning the CCAA proceedings:

You may also contact the Monitor at:

Hotline: 1-855-431-3185

Individual investors with any updates regarding their investment portfolios, including with respect to transfer requests, address changes, broker or beneficiary/death updates, are requested to send their inquiries to their respective Investment Advisors, who should work with their respective dealer back offices to provide the requested updates to The Investment Administration Solution  Inc., the service provider retained by GrowthWorks Canadian Fund Ltd. to provide certain investment administration services.

Dealer back offices may contact Dealer Services at The Investment Administration Solution Inc. at

SOURCE GrowthWorks Canadian Fund Ltd.

For further information: FTI Consulting Canada Inc., the Court Appointed Monitor of GrowthWorks Canadian Fund Ltd., has established the following website containing information concerning the CCAA proceedings:; You may also contact the Monitor at: Hotline: 1-855-431-3185, Email:

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GrowthWorks Canadian Fund Ltd.

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