GrowthWorks Canadian Fund Ltd. Provides Update on CCAA Proceedings

TORONTO, June 23, 2017 /CNW/ - GrowthWorks Canadian Fund Ltd. (the "Fund") today announced that it has obtained an order of the Ontario Superior Court of Justice (the "Court") further extending the "Stay Period" until and including December 31, 2017, pursuant to the Fund's proceedings under the Companies' Creditors Arrangement Act (Canada).

The extension of the "Stay Period" until and including December 31, 2017 continues and extends the stay of proceedings, which has stayed certain creditor claims and the exercise of contractual rights against the Fund.

The Fund intends to continue to pursue an orderly disposition of its assets with a view to satisfying its payment obligations to the Fund's creditors, following which the Fund's board of directors expects to consider alternatives reasonably available to the Fund at that time, including a distribution to the Fund's shareholders of any remaining assets of the Fund.

Forward-Looking Information

This press release contains forward looking statements, including statements with respect to the Fund's proceedings under the Companies' Creditors Arrangement Act (Canada). These forward-looking statements reflect the Fund's current views and are based on certain assumptions, including, but not limited to, assumptions as to future operating conditions and courses of action, general economic and market conditions and other factors the Fund believes are appropriate. Such forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in these statements, including, but not limited to, the risk that dispositions of the Fund's portfolio investments, together with the Fund's cash resources, will not yield proceeds sufficient to satisfy in full claims of the Fund's creditors or any distribution to the Fund's shareholders; the risk that litigation proceedings involving claims by the former manager of the Fund or other third parties against the Fund will involve substantial expense and, if successful, could require the Fund to pay substantial damages, thereby reducing or depleting entirely the Fund's liquidity and capital resources; and those risks and uncertainties disclosed in the Fund's most recently filed prospectus and other regulatory filings posted on SEDAR at www.sedar.com. These risks and uncertainties may cause actual results, events or developments to be materially different from those expressed or implied by such forward-looking statements. Unless required by law, the Fund does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or results or other factors.

Contact Information

FTI Consulting Canada Inc., the Court Appointed Monitor of GrowthWorks Canadian Fund Ltd., has established the following website containing information concerning the CCAA proceedings: http://cfcanada.fticonsulting.com/gcfl/

You may also contact the Monitor at:

Hotline: [phone]
Email: [email protected]

Individual investors with any updates regarding their investment portfolios, including with respect to transfer requests, address changes, broker or beneficiary/death updates, are requested to send their inquiries to their respective investment advisors, who should work with their respective dealer back offices to provide the requested updates to The Investment Administration Solution  Inc., the service provider retained by GrowthWorks Canadian Fund Ltd. to provide certain investment administration services.

Dealer back offices may contact Dealer Services at The Investment Administration Solution Inc. at  [email protected].

SOURCE GrowthWorks Canadian Fund Ltd.

C. Ian Ross, Chairman of the Board of Directors, [phone]