Saskatchewan-based labour-sponsored fund Golden Opportunities Fund Inc. will be expanding into Manitoba, the fund announced on Wednesday.

The fund’s shareholders approved the expansion at its annual meeting on Dec. 8 and the Province of Manitoba has issued final registration for the fund under The Labour-Sponsored Venture Capital Corporations Act (Manitoba).

The capital raised by the issuance of shares to Manitoba residents will be invested in Manitoba based businesses, according to Golden Opportunities, while all funds raised in Saskatchewan will continue to be invested in Saskatchewan’s diverse economy.

The move is strategic for 2009 since many economists expect both Saskatchewan and Manitoba to lead economic growth in Canada next year, according to Golden Opportunities CEO Grant Kook.

“This year we are celebrating a decade of investing in Saskatchewan and are very proud of our accomplishments, milestones, and returns that we have been able to post,” Kook said. “We are equally excited about the future of the fund with the expansion into Manitoba which enables the fund to continue to increase its capital and interest for the fund in neighboring jurisdictions.”

To date, the fund has raised more than $130 million in share capital, and has completed more than 100 investment transactions in Saskatchewan-based growth companies across 13 different industry sectors.

The fund has filed a preliminary prospectus in Manitoba which is subject to completion or amendment.

IE