VANCOUVER — British Columbia’s labor unions and a subsidiary of the Royal Bank of Canada have muscled onto the board of Intl. Keystone Entertainment via a $3.5 million private placement.
Keystone prexy Robert Vince says he welcomes new directors Yad Garcha of Growth Works Capital (representing B.C. labor’s Working Opportunity Fund) and Vincent Lum of Royal Bank Capital, who bumped two directors in the shuffle.
Keystone said investments will be used to double current production levels to four feature films a year and help finance acquisitions, such as film libraries and distribution rights.
Tax credits to investors
The $155 million Working Opportunity Fund is sponsored by B.C.’s labor unions, and Royal Bank Capital is wholly owned by the Royal megabank.
To attract money into WOF, both the B.C. and federal governments have granted tax credits to investors.
Keystone will begin shooting “Air Bud — World Pup” here in September. It produced the two previous “Air Bud” films and has U.S. and international film distribution rights to “Snap Shot,” about a chimpanzee who plays ice hockey, which is now in post.