REGINA, Feb. 11, 2015 /CNW/ - As of 2:45 p.m. CST on February 10, 2015, SaskWorks Venture Fund Inc. (the "Fund") has reached its new annual forty million dollar (CDN) ($40,000,000.00) fundraising limit and is fully-subscribed for 2014 tax year-eligible investment. Under the Labour-Sponsored Venture Capital Corporation Act and the Income Tax Act (Canada), the Fund is required to decline subscriptions received subsequent to the Fund's annual limit being reached and return them to sales representatives unaccepted.
SaskWorks will re-open for subscription sales on March 5, 2015 at 4:00 p.m. T2C tax credit receipts issued for investments made after this date will be eligible for use against 2015 tax filings.
SaskWorks Venture Fund is a Saskatchewan-based labour-sponsored investment fund that invests in small- and medium-sized private businesses. Established in 2001, SaskWorks has over 27,900 current shareholders and has approved for investment over $354 million.
SOURCE SaskWorks Venture Fund Inc.
For further information: Randy Beattie, Chief Executive Officer; or, Rob Duguid, Vice President, Chief Financial Officer and Corporate Secretary, (306) 791-4833