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British Columbia Discovery Fund Inc. (formerly British Columbia Discovery Fund (VCC) Inc.) - Liquidation
British Columbia Discovery Fund (VCC) Inc. (the “Fund”) was formed in 2002 as a vehicle to invest in eligible small businesses as part of the venture capital program started by the government of British Columbia. The Fund has held portfolio companies in a variety of sectors including mobile, information and clean technologies.
On June 24, 2020, the shareholders approved the wind-up and voluntary liquidation of the Fund pursuant to the Business Corporations Act of British Columbia including appointment of The Bowra Group Inc. as liquidator subject to certain regulatory approvals and conditions precedent.
Effective December 1, 2020, the Fund confirmed regulatory approval had been obtained and handed control of the Fund to The Bowra Group Inc., as liquidator (the “Liquidator”). The Fund also formally changed its name to British Columbia Discovery Fund Inc. (“BCDF”).
The Liquidator assumed control of BCDF to conduct the voluntary liquidation, which will involve the settlement of BCDF’s obligations, disposition of its remaining assets, and making final distributions to shareholders. The Liquidator will dispose of BCDF’s portfolio assets when liquidity events or secondary trading opportunities arise pursuant to the terms of the information circular or other directions from the Court.
Copies of the press releases and the information circular are available under the sections BCDF – Press Releases, and BCDF – Documents on this webpage.
BCDF – Press Releases
BCDF – Documents
The Bowra Group Inc., in its capacity as the Liquidator of BCDF, provides an update on Tantalus Systems Shareholders Inc., a BCDF investment company.
Tantalus Systems Shareholders Inc. participated in a qualifying transaction with RiseTech Capital Corp. which closed on January 29, 2021.
Pursuant to the terms of the qualifying transaction, RiseTech Capital Corp. acquired all issued and outstanding shares of Tantalus Systems Shareholders Inc. in exchange for securities of RiseTech Capital Corp. which upon closing of the qualifying transaction changed its name to Tantalus Systems Holding Inc.
Tantalus Systems Holding Inc. began trading on the TSX Venture Exchange under the stock symbol TSXV: GRID on February 9, 2021.
Further details about the qualifying transaction and Tantalus Systems Holdings Inc. can be found on Tantalus’s website: https://www.tantalus.com/ or SEDAR.
The Bowra Group Inc., in its capacity as Liquidator of BCDF, provided its quarterly update on the status of the liquidation on April 1, 2021.
A copy of the April 1, 2021 press release can be found here.
A copy of the Liquidators updates can be found under the Press Release Section.