FarmWorks Sixth Offer
FARMWORKS INVESTMENT CO-OPERATIVE LIMITED
NEWS RELEASE NOVEMBER 7, 2016
Sixth Offer Shares for Sale – Invest in FarmWorks to Help Grow Nova Scotian Food
FarmWorks shares are now for sale to Nova Scotians who want to invest locally to support food-related businesses that improve social and economic outcomes across the Province. The minimum investment is one $100 share. To date 350 shareholders have invested $1,400,000 and in less than five years over 60 businesses across NS have received loans and mentoring and promotion of their businesses by FarmWorks. Funds from the new Offer will be loaned to applicants who meet FarmWorks criteria for sustainable, profitable businesses that provide Nova Scotian food and beverages.
The Directors of FarmWorks Investment Co-operative Limited are pleased to announce that the application for a Certificate of Registration under the Nova Scotia Equity Tax Credit Legislation (the “Legislation”) has been approved by the Minister of Finance and a letter of non-objection has been received from the Nova Scotia Securities Commission.
Community Economic Development Investment Funds (CEDIFs) are an increasingly popular tax-efficient investment. Investors who purchase shares in the FarmWorks CEDIF and who meet the criteria as set out in the Legislation are eligible to receive a personal 35% Nova Scotia non-refundable (in five year increments) credit on taxes payable or paid (may be carried forwards 7 years and backward 3 years) and further tax credits of 20% and 10% at the 5 and 10 year investment anniversaries provided FarmWorks CEDIF meets certain conditions. Investments are eligible as an RRSP contribution. The shares are not traded on any stock exchange and their value is not materially affected by daily fluctuations in the stock market. Interest on FarmWorks loans pays for administration, losses and dividends.
The volunteer Directors of FarmWorks are successfully providing responsible community investment in food production and distribution. This contributes to Provincial economic output by creating jobs on farms and throughout the food system, increasing food sufficiency, keeping money in Nova Scotia and providing economic stimulus to reinvigorate rural communities. All Nova Scotians benefit from local production of good food and beverages by sustainable businesses.
The Directors of FarmWorks Investment Co-operative Limited are Chair: Peter Hicklenton, Waterville; Treasurer: Linda Best, Greenwich; Secretary: Ann Anderson, Wolfville; Directors: Richard Melvin, Canning; Leslie Brown, Fall River; Bruce Wright, Bridgewater; Chloe Kennedy, Halifax; Chris Atwood, Yarmouth; Valerie VanOostrum, Berwick; David Bethune, Dartmouth; Andy Meade, Grafton; John Webster, Stellarton; Jenny Osburn, Berwick. The Directors seek advice on finance, agriculture, economic development, education, and health from professionals across the Province.
THIS CEDIF OFFERING MAY BE A HIGH RISK INVESTMENT. THIS OFFERING IS MADE THROUGH AN OFFERING DOCUMENT, WHICH CAN BE OBTAINED FROM AN AUTHORIZED SALES AGENT OR PROMOTER, (CONTACT LINDA BEST, 902-542-3442, LBEST@NS.SYMPATICO.CA). THIS OFFERING CONSTITUTES AN EXEMPT OFFERING OF THESE SECURITIES ONLY IN NOVA SCOTIA BY AUTHORIZED SALES AGENTS. INVESTORS SHOULD READ THE OFFERING DOCUMENT BEFORE MAKING AN INVESTMENT DECISION.
Press release approved by Chair Peter Hicklenton and Treasurer Linda Best, FarmWorks Investment Co-operative Limited.
For more information about this press release contact:
FarmWorks Investment Co-operative Limited
Phone: 902-542-3442, 902-670-3660