Pender invests in GF financing, gets board seat

Mr. Dave Barr reports GENERAL FUSION CLOSES OVERSUBSCRIBED US$22 MILLION FINANCING; WELCOMES NEW BOARD MEMBERS General Fusion has closed $22-million (U.S.) ($30-million) in new financing to support its LM26 fusion demonstration program and advance its mission to transform the world's energy supply with zero-carbon fusion energy. Investors in this round include Segra Capital, PenderFund (via Pender Growth Fund Inc. (TSX Venture Exchange: PTF) and Pender Small Cap Opportunities Fund), Chrysalix Venture Capital, MILFAM LLC, JIMCO, the global investment arm of the Jameel family, Gaingels, Thistledown Capital, Presight Capital and Hatch Ltd. Segra Capital and PenderFund will be represented on the company's board of directors by Adam Rodman and Kelly Edmison, respectively. Backed by a portfolio of leading institutional, sovereign, family office and high-net-worth investors, as well as support from the Canadian government, General Fusion's two decades of extensive fusion research, development and demonstration have advanced the company's uniquely practical magnetized target fusion (MTF) approach and positioned the company to achieve near-term transformative technical milestones on the path to delivering fusion power to the grid by the mid-2030s. At its Canadian facility, General Fusion operates Lawson Machine 26 (LM26) -- the industry's first large-scale MTF fusion demonstration machine. Announced in mid-2023, General Fusion designed, built and began operating LM26 in under two years. The machine is designed to demonstrate MTF at 50-per-cent commercial scale and achieve milestones of 10 million degrees Celsius (one keV (kilo-electron volt), 100 million degrees Celsius (10 keV) and, ultimately, scientific breakeven equivalent (100-per-cent Lawson). New board appointments bolster leadership Today, the company also announced the strengthening of its board of directors with the appointment of two new members, further deepening its leadership in financing and strategic growth. Adam Rodman is the founder and chief investment officer of Segra Capital, a United States-based investment firm with core ESG (environmental, social and governance) and clean-tech partnerships and the largest fund dedicated to investing in nuclear power across public and private markets. He brings over 17 years of financial expertise, specializing in energy. Kelly Edmison, chairman and founder of PenderFund Capital Management Ltd. in 2003, brings a strong legal and finance background. Prior to founding the firm, he spent more than two decades practicing law, primarily representing B.C.-based technology companies. Over the past 30 years, he has served as director and officer of several successful companies across the technology, products and services, and health care sectors. Quotes: "The strong economics and commercialization advantages underpinning General Fusion's elegant MTF approach are a big part of why Segra continues to invest in the company. I look forward to also representing Segra on their board of directors at an exciting time in their bold LM26 program, which has great momentum toward achieving new technical milestones that will drive significant value for investors." Adam Rodman, founder and chief investment officer, Segra Capital "Pender invests in companies that aim to positively impact the world -- and we're proud to support the bold work General Fusion is doing. Fusion has the potential to power our clean energy future. Pender looks forward to further supporting their mission on the board of directors and providing strategic guidance on financing the company through the next critical phases of commercialization." David Barr, chief executive officer of PenderFund, portfolio manager of the Pender Small Cap Opportunities Fund, and CEO and portfolio manager of Pender Growth Fund Inc. "We're driving forward to achieve transformational technical results with LM26. This new funding from a strong mix of existing and new shareholders is a group that deeply supports our mission to transform the world with practical MTF. This financing is not only a vote of confidence in our technology but our extraordinary team, who designed, built and began operating our world-first machine in less than two years, which speaks to the depth of their experience and dedication to our mission." Greg Twinney, CEO, General Fusion About General Fusion General Fusion is pursuing a fast and practical approach to commercial fusion energy and is headquartered in Richmond, Canada. The company was established in 2002 and is financed by a global syndicate of leading energy venture capital firms, industry leaders and technology pioneers.