VentureLink Innovation Fund Inc. Announces Sale of Portfolio and Date for Redemption at the Option of Fund

TORONTO, Oct. 20, 2022 /CNW/ - VentureLink Innovation Fund Inc. (the Fund") announced today that it has completed an en bloc sale of its remaining venture portfolio.  The sale was at a discount from its carrying value, which will impact the net asset value share price of each of the Series of the Fund by approximately $0.25-0.29 per share when the Fund sets its next NAV on Friday October 22^nd, 2022.

At the Fund's most recent Special and Annual General Meeting of Shareholders held on October 20, 2021, the Class A shareholders approved an amendment to the articles of the Fund to allow the Fund to do a redemption at the option of the Fund.  A sale of all of the material holdings of the venture portfolio was a pre-condition to the Fund exercising that right, a condition which the Fund has now met. 

The Fund will remain open for redemptions as requested by shareholders for the next four dates when it prices trades, specifically the weeks ending October 21^st, October 28^th, November 4^th and November 11^th, 2022 (the Fund prices and settles trades weekly on the last business day of the week).

The Fund will be closed to redemptions as of 4:01pm on November 11^th, 2022 as the Fund will move forward with completing the automated winding-up process.  The automated process will be via redemption by the Fund of all Class A shares which will occur automatically with no further action required by the shareholder. The automated redemption process will occur on November 18^th, 2022. For greater detail on this process see the Management Information Circular filed by the Fund on September 30, 2021 on the web-site www.sedar.com.

Founded in 2000, VentureLink Innovation Fund Inc. (www.venturelinkfunds.com) is one of Ontario's longer-tenured venture capital providers. VentureLink Innovation Fund Inc. is headquartered in Toronto, Ontario.

SOURCE VentureLink Innovation Fund Inc.