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 said he welcomes new directors Yad Garcha of Growth Works Capital Ltd., representing B.C. labor’s Working Opportunity Fund, and Vincent Lum of the Royal Bank Capital Corp., 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.
The $155 million Working Opportunity Fund (WOF) is sponsored by B.C.’s labor unions, and Royal Bank Capital Corp. 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.