Golden Opportunities Fund Inc. Launches New Resource Share Class and Enhances Loan Loss Agreement with Western Economic Diversification

SASKATOON, Dec. 27, 2012 /CNW/ - Golden Opportunities Fund Inc. ("Golden Opportunities" or the "Fund"), Saskatchewan's first provincial labour-sponsored fund, is pleased to announce that the Fund will now provide Saskatchewan investors the option to invest in a newly created Resource Share ("Class R") Class with an overwhelming 97% support of the votes at the Annual General Meeting of shareholders on December 17, 2012. The Fund will continue to offer its existing diversified Class A Shares and innovation Class I Shares.  Proceeds from the sale of R Shares will be used to invest in a diversified portfolio of resource based companies in the energy, mining and related resource services sector. The creation of the R Share Class will provide an investment vehicle to those investors who have a desire to have a heavier weighting in the resource sector. The R Share Class will have the same 35% tax credits as the Class A and Class I share classes. In addition to the launch of this new R Share Class, the Fund Manager, Westcap Mgt. Ltd., and the principal distributor, National Bank Financial Inc., have each agreed to provide a deferral of their management and marketing service fees, respectively, on the R Shares.  The deferral will continue until such time that $5.0 million in gross subscriptions is achieved on this new share class, at which time the deferred fees would be payable.

The Fund is also pleased to announce improved coverage under its loss support agreement with Western Economic Diversification ("WED") in regards to its Class I Shares. Under the terms of the amendments WED will increase its loss support rate from 20% to 50%, an increase of 150%. This means that for every $1 the Fund invests in innovation based companies WED will advance $0.50 to a loss support pool to a  maximum contribution of $3.3 million to be used to offset up to 80% of any potential losses in any one investment should this occur. The Fund will now qualify for the maximum commitment of $3.3 million upon investing $6.6 million in innovation companies. The Fund has invested $3.14 million to date in the Class I share venture investment portfolio.

Grant Kook, President/CEO of the Fund indicates: "The creation of a Golden Opportunities Resource Share Class was being requested by financial advisors and shareholders of the Fund.  Over the past years we have invested in some of the top tier management teams in the energy sector through our diversified Class A shares. The creation of the R share will allow the Fund to continue to capitalize on these relationships. The Fund is very pleased with the continued commitment and cooperation of WED to our partnership agreement which will immediately increase the amount of loss support available to Class I shareholders. Based on the Class I share investments to date the amendment immediately increases the loss support pool from $628,000 to $1.57 million with future support as new investments are made. The amendments made to the agreement signify WED's continuing support to an innovation driven economy and Golden's commitment to local innovation companies that are doing amazing things."

The Fund has filed a prospectus in the Provinces of Saskatchewan and Manitoba containing important detailed information relating to the securities of the Fund.  Securities of the Fund are only sold by registered dealers under the prospectus.  Copies of the prospectus may be obtained from registered dealers or on SEDAR at www.sedar.com.  Investors should read the prospectus before making an investment decision.

Golden Opportunities is Saskatchewan's first provincial labour-sponsored investment fund, having raised over $240 million in share capital to date from approximately 24,500 shareholders. The Fund, has completed investment transactions in over 100 Saskatchewan growth companies across different industry sectors for diversification, directly impacting the future of Saskatchewan.

Neither the Saskatchewan Financial and Consumer Affairs Authority nor the Manitoba Securities Commission
has approved nor disapproved the information contained herein.

SOURCE: Golden Opportunities Fund Inc.

For further information, please contact Grant Kook, President/CEO of Golden Opportunities Fund Inc. at [phone].