REGINA, Feb. 15, 2012 /CNW/ - SaskWorks Venture Fund Inc. (the "Fund") is pleased to advise that the Government of Saskatchewan has increased the annual cap for tax credit investment into the Fund, being a Labour-Sponsored Venture Capital Corporation, from fifty million dollars (CDN) ($50,000,000.00) to fifty five million dollars (CDN) ($55,000,000.00). The cut-off date under the Fund's prospectus is February 29, 2012, after which date investments are no longer eligible for a tax credit for the 2011 fiscal year as mandated by The Labour-Sponsored Venture Capital Corporation Act or the Income Tax Act (Canada).
SaskWorks Venture Fund Inc., and its independent sale representatives, will endeavor to ensure that subscriptions for investment do not exceed the enhanced fifty five million dollar cap. Although remote, it is possible that subscriptions for investment will exceed the increased cap level and where any excess occurs, the Fund will be required to decline such subscriptions and return them to the sales representatives unaccepted.
The SaskWorks Venture Fund is a leading 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