Jov Leon Frazer Enhanced Opportunities Fund Inc. Announces its Intention to Suspend Redemptions and its Proposed Wind-up

TORONTO, May 28, 2014 /CNW/ - Jov Leon Frazer Enhanced Opportunities Fund Inc. (the "Fund") announced today that its Board of Directors (the "Board") has approved a proposal to suspend redemptions and proceed with the wind-up of the Fund through an orderly liquidation of the Fund's assets (the "Orderly Liquidation").

The wind-up is expected to be consistent with the Community Small Business Investment Funds Act (Ontario) and the proposed amendments to the Income Tax Act (Canada) announced on March 21, 2013 and November 27, 2013. As part of the Orderly Liquidation and wind-up plan, the Fund will suspend payment in respect to requests for redemptions of the shares effective immediately. The completion of the Orderly Liquidation is subject to the satisfaction of certain conditions, including shareholder and any necessary regulatory and tax approvals.

The Orderly Liquidation and wind-up of the Fund are subject to the approval of the Fund's shareholders at a Special Meeting of Shareholders to be held on July 25, 2014 (the "Special Meeting"). The Fund is currently preparing an information circular in connection with the Special Meeting which will disclose details of the Orderly Liquidation and wind-up and will be distributed to shareholders for their consideration in due course.

About Jov Leon Frazer Enhanced Opportunities Fund Inc.

Jov Leon Frazer Enhanced Opportunities Fund Inc. was formed under the Canada Business Corporations Act (Canada) by articles of amalgamation dated December 12, 2006 under the name Horizons Advantage Equity Fund Inc. and changed its name to Jov Leon Frazer Enhanced Opportunities Fund Inc. by articles of amendment dated March 4, 2013. The Fund is registered as a labour sponsored fund corporation in Ontario under the Community Small Business Investment Funds Act (Ontario) and as a labour-sponsored venture capital corporation under the Income Tax Act (Canada).

SOURCE: IA Clarington Investments Inc.

Crystal Quast
Senior Director, Media Relations
TMX Equicom
[phone] ext. 266
[email protected]