REGINA, Feb. 28, 2012 /CNW/ - As at 3:45 pm CST, Tuesday, February 28th, 2012, SaskWorks Venture Fund Inc. (the "Fund") has reached its fifty-five million dollar (CDN) ($55,000,000.00) annual fundraising cap and is fully-subscribed. Under the Labour-Sponsored Venture Capital Corporation Act and the Income Tax Act (Canada), SaskWorks is required to decline subscriptions received subsequent to the Fund's cap being reached and return them to sales representatives unaccepted.
SaskWorks will re-open for subscription sales on March 5, 2012 at 3:00 pm. T2C tax credit receipts for investments made after this date will be eligible for use against the 2012 tax year.
The SaskWorks Venture Fund is a Saskatchewan-based Labour-Sponsored Investment Fund that invests in small- and medium-sized private businesses. SaskWorks currently has over 22,250 shareholders and, since inception, has invested in 75 eligible businesses.
For further information:
Randy Beattie, Chief Executive Officer
Rob Duguid, Vice President, Chief Financial Officer and Corporate Secretary at (306) 791-4833