B.C. Advantage Funds Ltd.

October 20, 2016 15:42 ET

BC Advantage Funds Completes Transfer of Assets and Liabilities to Trustee and Winds-Up of the Business and Affairs of the Company

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 20, 2016) - B.C. Advantage Funds Ltd. (the "Company") announced today that, as approved by shareholders at its Annual and Special Meeting on July 29, 2016, the Company has completed the transfer of all of its assets and liabilities to the Liquidation Trustee (as defined in the information circular in respect of the Meeting).

The Liquidation Trustee has the responsibility to dispose of all or substantially all of the portfolio investments and other assets of the Company, pay out all of the liabilities, and distribute the remaining assets of the trust rateably to shareholders of record as of the date of dissolution of the Company.

The Company also announced that a voluntary dissolution of B.C. Advantage Funds has been completed pursuant to Division 2 of Part 10 of the Business Corporations Act (British Columbia). Resolutions authorizing the Dissolution were approved by more than two-thirds of the votes cast by shareholders present or represented by proxy at the Annual and Special Meeting held on June 29, 2016. The Dissolution was also approved by a majority of votes cast by shareholders present or represented by proxy at the Meeting.

Full details of the Dissolution process are described in the management information circular of the Company, dated July 7, 2016, prepared in connection with the Meeting. A copy of the Company's management information circular is available on SEDAR at www.sedar.com.

About the Company

B.C. Advantage Funds Ltd. is a venture capital corporation, formed under the Small Business Venture Capital Act (British Columbia), to invest in emerging technology companies in the Province. For more information about the Company, please visit our website at www.bcadvantagefunds.com.

Contact Information

  • Frank Holler
    Director and Chief Executive Officer

    Ambrose Hong
    Director and Chief Financial Officer