Golden Opportunities Exits Romulus Exploration, Posting an Annualized Return of 124%
Release Date: July 27, 2005
Golden Opportunities Fund Inc. is pleased to announce that it has sold its investment interest in Romulus Exploration Inc., a private oil and gas exploration development company focused on South Eastern and Western Saskatchewan.
Golden Opportunities Fund invested $1.0 million on March 25, 2003 acquiring 2,857,143 shares of Romulus Exploration and provided a follow-on investment of $571,429 on June 30, 2004 acquiring an additional 1,428,572 shares. The Fund’s total investment of $1,571,429 resulted in Golden Opportunities holding 4,285,715 shares of Romulus Exploration at an average cost base of $0.37 per share. The sale of Romulus Exploration resulted in Golden Opportunities Fund receiving $5,014,286 or $1.17 per share and 612,245 shares of Tiberius Exploration, a new oil and gas company. The total proceeds of approximately $5,335,715 resulted in Golden Opportunities Fund realizing a gain of $3,764,286 or annualized return of 124%.
Golden Opportunities Fund’s CEO/Chairman states “The sale of Romulus is important as it continues to confirm the Fund’s ability to invest in key strategic companies, but also to exit its investments in a timely fashion and post substantial realized returns. We are pleased with the results of a 124% annualized return from Romulus since our initial investment of March 25, 2003. It is a tribute to our investment team, the management groups that we are able to invest in, and confirms the ability for Golden Opportunities to drive unit value for its shareholders.”
Golden Opportunities Fund Inc. is Saskatchewan’s first and largest Provincial Labour-sponsored Fund, having raised over $62 million in share capital to date from approximately 10,000 shareholders. The company has completed 55 investment transactions in 38 different Saskatchewan growth companies across 9 different industry sectors for diversification, impacting the future of Saskatchewan.
For additional information please contact Mr. Grant Kook, CEO/Chairman of the Fund at (306) 652-5557. The address for Golden Opportunities Fund Inc. is 1300 – 410 – 22nd St. E. Saskatoon, Saskatchewan S7K 5T6.
Saskatchewan Financial Services Commission has neither approved nor disapproved the information contained herein.