Golden Opportunities Fund Inc. and venture capital partners become key investors in new canola processing facility
Release Date: May 23, 2007
Saskatoon, Saskatchewan For Immediate Release
Golden Opportunities Fund Inc. and venture capital partners become key investors in new canola processing facility.
Golden Opportunities Fund Inc. is pleased to announce its participation in the financing of Can Pro Ingredients Ltd. in Arborfield Saskatchewan. Golden Opportunities Fund has invested $3.0 million, providing $2.1 million in equity and $0.9 million in subordinated debt as part of a total syndicated financing of $18.75 million which included all the major Saskatchewan Venture Capital Funds such as Investment Saskatchewan Inc., GrowthWorks Canadian Fund Ltd., Business Development Bank and Farm Credit Canada.
With the raised funds, Can Pro Ingredients Ltd. acquired the business assets and operations of Arborfield Dehy Ltd. and will commence construction of a new canola processing facility within the current Arborfield plant. Can Pro also licensed proprietary canola processing technology from MCN BioProducts Inc. to utilize a process that will concentrate canola meal into a high-protein content feed that will find widespread use in the aquaculture industry.
Todd Lahti, President and CEO of Can Pro Ingredients, indicates “fish farms around the world are having an increasing challenge to find fish meal as feed and they are looking for plant-based alternatives that are high in protein. Can Pro’s canola protein concentrate is the perfect product to fill that gap.” The company will also manufacture feed grade canola oil which can be used in aqua-feeds, animal feeds and biodiesel manufacture. Can Pro will continue to operate the dehydrated alfalfa business, carried on by Arborfield over the past 36 years and has the ability to combine canola fractions with alfalfa streams to provide new and differentiated product lines.
Golden Opportunities Funds CEO and Chairman, Grant Kook, states “Can Pro Ingredients Ltd. is using a technology that was developed locally at the University of Saskatchewan, applying it to manufacture value added products which will be used worldwide, from one of Saskatchewan’s major crops. This Province has great science and Golden Opportunities Fund is once again a key investor in moving this exciting technology forward.”
Golden Opportunities Fund Inc. is Saskatchewan’s first and largest Provincial Labour-sponsored Venture Capital Fund, having raised over $105 million to date from over 15,000 shareholders. The Fund has completed 95 investment transactions in 63 different Saskatchewan growth companies across 12 different industry sectors.
For additional information please contact Mr. Grant Kook, CEO/Chairman of Golden Opportunities Fund Inc. at (306) 652-5557.
Saskatchewan Financial Services Commission has neither approved nor disapproved the information contained herein.