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GrowthWorks Canadian Fund Announces Procedures for Submitting Class A Share Redemption Requests

TORONTO, ONTARIO -- (Marketwire) -- 12/07/12 -- On December 2, 2012, GrowthWorks Canadian Fund Ltd. ("Canadian Fund") announced that holders of Class A Shares of Canadian Fund may submit requests to redeem their Class A Shares and that Canadian Fund would process such requests when the Board of Directors of Canadian Fund concludes that it can do so in accordance with applicable corporate laws, which require that after processing such requests, Canadian Fund would remain in a position to pay its liabilities as they become due.

Canadian Fund today announced the following procedures that Canadian Fund intends to follow for the submission and processing of Class A Share redemption requests. Further terms and conditions may be determined by the Board of Directors from time to time.

--  Redemption Requests must be submitted manually using a Redemption
    Request Form approved by the Board of Directors, which is available at
    www.growthworks.ca or on request by emailing
    [email protected] and by calling 1-800-268-8244.
--  Canadian Fund will not accept Redemption Request Forms that are
    incomplete or incorrect and will not accept alternative forms of
    redemption requests not approved by the Board of Directors.
--  Redemption Requests will be processed on one or more dates designated by
    the Board of Directors (each, a "Redemption Date") at a redemption price
    per share equal to the net asset value per share of the applicable
    series of Canadian Fund Class A Shares as at the applicable Redemption
    Date(s), not as at the date the Redemption Request Form is submitted.
--  For Class A Shares to qualify for redemption on a particular Redemption
    Date, a Redemption Request Form must be submitted prior to the cut-off
    time for that Redemption Date, as designated by the Board of Directors
    and announced by Canadian Fund. The Redemption Date will be announced by
    Canadian Fund well in advance of the cut-off time.
--  If the volume of Redemption Requests duly submitted in respect of a
    particular Redemption Date exceeds the amount of cash available to fund
    those Redemption Requests, each Redemption Request will be processed on
    a pro rata basis based on the amount of cash available - there can be no
    assurance that all of the shares listed on a Redemption Request Form
    will be redeemed on the first Redemption Date to occur after a
    Redemption Request Form is submitted.
--  The Board of Directors may deem Redemption Request Forms to be null and
    void in connection with a merger, amalgamation, plan of arrangement or
    other transaction involving Canadian Fund or any of its assets if the
    Board of Directors determines that the transaction is in the best
    interests of all holders of Class A Shares of Canadian Fund and Canadian
    Fund secures regulatory and shareholder approvals required to complete
    the transaction.
--  Redemption fees, withholding tax and federal and provincial tax credit
    repayment requirements may apply to Redemption Requests. Applicable
    amounts may be withheld by Canadian Fund from redemption proceeds.

When the Board of Directors determines that Canadian Fund can redeem Class A Shares in accordance with applicable corporate law requirements, the Board of Directors will designate, and Canadian Fund will announce, a Redemption Date, a cut-off time by which Redemption Request Forms must be submitted to qualify for processing on the designated Redemption Date and the amount of cash that will be applied to fund redemptions on the designated Redemption Date.

Canadian Fund will not process redemption requests that are submitted until such time as the Board of Directors of Canadian Fund determines that Canadian Fund meets the corporate law requirements for doing so. There can be no assurance as to when Canadian Fund will have sufficient cash available to process Class A Share redemptions.

Forward Looking Statements: This press release contains forward looking statements about Canadian Fund Class A Share redemptions. These statements are based on beliefs and assumptions of management of Canadian Fund at the time the statements are made, including beliefs and assumptions about Canadian Fund's ability to generate sufficient cash to satisfy its payment obligations under financing arrangements and to process Class A Share redemptions, future market conditions and future levels of divestment activity within Canadian Fund's venture investment portfolio and levels of Class A Share redemption requests. These beliefs and assumptions are subject to known and unknown risks and uncertainties, including risks and uncertainties associated with volatility of market conditions and, in turn, the climate for divestment activity, performance of portfolio companies, valuations of portfolio companies, the risk that Canadian Fund may not be able to generate sufficient net proceeds from the divestment of portfolio assets to satisfy its obligations under its outstanding secured indebtedness and other risks and uncertainties disclosed in Canadian 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, neither Canadian Fund nor its manager assumes any obligation to update any forward-looking statements, whether as a result of new information, future events or results or other factors.

GrowthWorks Canadian Fund Ltd.
David Levi
President & Chief Executive Officer
(416) 934-7700

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